Finance

Long-term government bond yields saw a notable decline, with the 30-year Treasury yield falling to 5.01% after five consecutive days of decreases. This cooling in the bond market follows a period of multi-decade highs and was primarily driven by falling crude oil costs, which lowered immediate inflation concerns.

While Micron Technology recently surpassed a $1 trillion market capitalization, the broader chip sector faced pressure on Wednesday with the iShares Semiconductor ETF slipping more than 1%. Heavyweights like Qualcomm and Marvell Technology saw significant declines as the market began to rotate away from hyper-concentrated technology stocks.

Shares of Snowflake skyrocketed by roughly 30% in extended trading following an earnings beat and the announcement of a $6 billion spending commitment with Amazon Web Services over the next five years. The cloud-based data platform provider also acquired AI startup Natoma, signaling a deeper integration into the artificial intelligence infrastructure market.