Finance

Intel Corporation recorded its best trading day since 1987, with shares jumping approximately 23% after the company reported first-quarter results that significantly exceeded market expectations. This performance reignited leadership in the chip sector and contributed to a broad 4.3% gain in the Philadelphia Semiconductor Index.

Market sentiment was bolstered by reports that Iranian officials are traveling to Pakistan for potential negotiations with U.S. mediators, following an indefinite extension of a ceasefire. These developments led to a pullback in U.S. oil prices, with West Texas Intermediate futures settling near $94 per barrel.

First-quarter earnings reports showed varied performance across industries, with American Express and Union Pacific beating consensus estimates while American Airlines reported a loss. Boeing shares saw a lift as its quarterly loss was narrower than analysts had anticipated, and Alphabet stock rose following a significant new investment in the AI firm Anthropic.

Treasury yields eased recently as investors increased bets on potential interest rate cuts later this year, though core PCE inflation is still forecast to remain above the Fed's 2% target at 3.2%. Uncertainty regarding the confirmation of a new Federal Reserve chair also persists, as current investigations into central bank leadership conclude.

In alternative asset classes, Bitcoin remained stable, trading around $78,300, while gold futures held steady near $4,730 an ounce. Despite the recent dip in crude oil prices due to ceasefire news, Brent crude continues to trade near $100 a barrel, reflecting ongoing supply tightness in global energy markets.