Finance

Crude oil prices fell sharply, with Brent futures dropping below $100 a barrel for the first time since late April. This decline followed reports that a one-page memorandum of understanding between the U.S. and Iran might be within reach, reducing the global inflation risks associated with energy supply disruptions.

Technology stocks led market gains, particularly after AMD reported first-quarter results that surpassed expectations and increased its long-term guidance. The broader semiconductor industry continues to benefit from an accelerating shift toward agentic artificial intelligence, driving substantial demand for high-performance processors.

Weekly jobless claims rose to 200,000, staying within a historical range that economists describe as a low-hire, low-fire state. While unemployment remains low at 4.3% to 4.4%, recent layoffs in the first four months of the year have reached approximately 300,000 as companies evaluate the impact of automation and AI on their workforces.