Finance

A significant rally in semiconductor and server manufacturers has driven the broader market higher, with Dell Technologies surging over 30% following robust demand for AI-powered servers. Other firms, including Micron and Super Micro Computer, also saw substantial gains as the industry experiences a global supply shortage of memory chips and aggressive data center buildouts.

Oil prices fluctuated near $90 per barrel as investors monitored tentative ceasefire negotiations between the U.S. and Iran regarding the Strait of Hormuz. While preliminary agreements for a 60-day truce initially eased inflationary fears and dropped energy prices, the situation remains fluid, impacting global supply chains and manufacturing costs.

U.S. 10-year Treasury yields are holding near 4.45% as sticky inflation data, including a 3.3% core PCE reading, prevents the Federal Reserve from initiating interest rate cuts. Market participants have adjusted expectations toward a potential rate hike later this year, shifting focus to upcoming nonfarm payrolls and employment data for clarity on economic resilience.