Finance

E-commerce and cloud giant Amazon saw its stock surge nearly 16% after delivering better-than-expected cloud-computing revenue and solid corporate profits. Conversely, Apple shares plummeted over 7% following a disappointing revenue growth forecast caused by component supply constraints.

The bond market faced heavy selling pressure as longer-dated Treasury yields climbed significantly. The 10-year Treasury note yield rose past 4.7% to its highest level since January 2025, and the 30-year bond yield climbed near 5.27%, reflecting investor concerns that the Federal Reserve will have to keep interest rates elevated to battle sticky inflation.

Brent crude oil prices rose 1.2% to settle at $87.93 per barrel as regional tensions involving military strikes in Iran created market uncertainty. This volatility has filtered through to retail consumers, driving average regular gasoline prices across the United States up to $4.11 per gallon.