Finance

Shares of Dell Technologies skyrocketed nearly 33% in a single session, marking its best performance on record after the company surpassed quarterly expectations. This rally was driven by robust demand for artificial intelligence computing servers, which prompted the firm to raise its full-year guidance and sparked sympathy gains across the broader technology sector.

The yield on the benchmark 10-year US Treasury note held steady at 4.45% after hitting multi-year peaks earlier in the month. Market participants reacted to tentative signs of a preliminary agreement to de-escalate the Iran conflict, which helped ease immediate concerns regarding energy-driven inflation and the potential for further aggressive interest rate hikes.

Global energy benchmarks Brent and US crude fell as negotiators moved closer to a memorandum of understanding to resolve regional hostilities. Despite remaining higher than pre-conflict levels, the decline in fuel prices offered a reprieve for transport and manufacturing sectors that have faced intense cost pressures throughout the quarter.