Finance

Crude oil prices advanced more than 2% on Monday after plans for ceasefire talks between the U.S. and Iran were scrapped over the weekend. Brent crude traded near $108 per barrel while West Texas Intermediate rose past $96, reflecting ongoing supply concerns as the strategic Strait of Hormuz remains largely closed.

The chipmaker industry maintained strong momentum after Intel's stock skyrocketed nearly 24% on Friday, marking its best single-day performance since 1987. This rally propelled the PHLX Semiconductor Index to its 18th consecutive day of gains, supported by robust first-quarter 2026 revenues and massive government investment gains.

The cryptocurrency market faced a volatile session as Bitcoin retreated to approximately $77,650 after failing to break the $80,000 resistance level. Rising oil prices and a cautious shift in broader market sentiment contributed to a 1% decline in Bitcoin, while Ethereum and other altcoins also moved lower ahead of a pivotal Federal Reserve meeting.

Recent data showing U.S. annual inflation jumping to 3.3% in March has heightened uncertainty regarding potential interest rate cuts in 2026. While the Federal Reserve currently maintains a target range of 3.5% to 3.75%, rising energy and fuel costs are placing upward pressure on consumer prices and complicating the path toward monetary easing.

Analysts highlight a growing performance gap in the S&P 500, where the 'Magnificent 7' tech giants are expected to deliver nearly 23% earnings growth this quarter compared to just 10% for the rest of the index. This week remains critical for market leadership as major players including Alphabet, Amazon, and Meta are scheduled to report results.