Finance

New Fed Chair Kevin Warsh adopted a hawkish stance during the June meeting, indicating that interest rates may remain higher for longer to combat stubborn inflation. While the central bank held rates steady for now, nearly half of the policymakers projected at least one more interest rate increase before the end of the year.

Chipmakers drove significant gains in the tech sector, with the Philadelphia Semiconductor Index hitting a record high this week. Notable movers included Intel, which surged over 10% following a partnership with Apple, and Micron Technology, as investors look toward its upcoming earnings as a benchmark for AI demand.

Crude oil prices fluctuated as traders weighed the impact of a preliminary peace deal against new tensions in Lebanon. Although Brent crude rose slightly on Friday to above $80 per barrel, prices are on track for a second weekly decline as the potential reopening of Persian Gulf shipping lanes eases global supply concerns.