A surge in Intel shares propelled technology stocks higher on Wall Street, while crude oil prices experienced further volatility amid ongoing geopolitical tensions involving Iran and the United States.
Market Movers
Intel's strong performance lifted the broader tech sector, with investors responding positively to the company's latest earnings report and growth outlook. The rally helped offset declines in other sectors, keeping major indices near record levels.
Meanwhile, crude oil prices swung sharply as traders weighed developments in the Middle East. Iran fired on three cargo ships in the Strait of Hormuz, despite a U.S. ceasefire extension, raising concerns about supply disruptions. The uncertainty surrounding Iran-U.S. peace talks added to market jitters.
Other Market Highlights
- P&G topped estimates on beauty products demand but flagged higher input costs.
- U.S. equity fund inflows rose on earnings optimism and AI-related momentum.
- SLB quarterly profit slipped as the Iran conflict dented Middle East oilfield activity.
In Canada, the federal government approved Enbridge's $4 billion Sunrise natural gas pipeline expansion project, a move expected to boost energy infrastructure.
Geopolitical Context
The Strait of Hormuz incident underscores the fragile security situation in the region. Analysts say the lack of a clear strategy from the Trump administration on Iran has contributed to market volatility. Despite the ceasefire extension, the attack on cargo ships suggests continued risks for global oil shipments.
Elsewhere, Canada hailed progress at the G7 meeting after a climate absence aimed at appeasing the U.S., while the new Canadian ambassador to the U.S. expressed readiness to begin CUMSA negotiations.
