Intel's strong performance helped carry Wall Street to another record high on Thursday, while oil prices swung wildly amid ongoing uncertainty over Iran. The chipmaker's shares surged after reporting better-than-expected earnings, lifting the broader technology sector.
Market Highlights
The S&P 500 rose 0.6% to close at a new all-time high, while the Nasdaq Composite gained 1.1%. The Dow Jones Industrial Average added 0.3%. Intel's quarterly results showed resilience in its data center business, offsetting weakness in the PC market.
Oil prices experienced sharp fluctuations as traders weighed the implications of the U.S. blockade on Iran and ongoing peace talks. Brent crude settled at $87.50 per barrel, up 2.3%, after earlier falling more than 1%. West Texas Intermediate crude rose 1.8% to $83.20.
Geopolitical Factors
The volatility in oil markets comes after Iran fired on three cargo ships in the Strait of Hormuz, despite a U.S. ceasefire extension. Iranian military actions have been characterized as 'piracy and terrorism' by U.S. officials. Meanwhile, uncertainty persists over the outcome of peace negotiations, with analysts noting that 'it's still anyone's guess' whether a deal will be reached.
Investors remain cautious as the U.S. military inventory is described as being at its 'lowest point' amid the ongoing conflict. The situation in the Middle East continues to influence market sentiment, with energy stocks seeing mixed performance.
Other markets also saw movement, with European stocks edging higher and Asian markets mixed. The U.S. dollar strengthened against a basket of currencies, while gold prices slipped as risk appetite improved.
