Finance

Dell Technologies shares jumped nearly 37% after the company raised its full-year guidance and reported a massive beat in AI server demand. This performance sparked a broader rally across the tech sector, with companies like Snowflake and Hewlett Packard Enterprise also seeing double-digit percentage gains as artificial intelligence spending remains a primary market catalyst.

The April Personal Consumption Expenditures price index rose 3.8% year-over-year, marking its highest annual increase in three years. While monthly core inflation was slightly lower than anticipated at 0.2%, the overall data reinforces expectations that the Federal Reserve will maintain current interest rate levels well into the coming year.

The yield on the benchmark 10-year Treasury note dipped to approximately 4.45% as cooling oil prices helped alleviate immediate inflationary concerns. Market participants are increasingly focusing on the 60-day negotiation window with Tehran, which has provided a temporary reprieve for the bond market despite the stronger-than-expected April inflation data.