Finance

Energy markets saw significant movement as Brent crude climbed above $100 per barrel, reaching as high as $107 during intraday trading. The price hike followed reports of a continued naval blockade of Iran and orders for the U.S. Navy to take action against vessels laying mines in critical shipping lanes.

The technology and software sectors faced notable selling pressure after mixed quarterly reports, including a 3.4% decline for Tesla as investors focused on its increased spending forecasts for robot and factory development. While some companies like Texas Instruments rallied on strong demand for AI-related chips, the broader software-as-a-service sector saw a retreat that dragged on the major benchmarks.

New economic data showed that initial unemployment claims increased to 214,000 for the week ended April 18, slightly exceeding economist forecasts but remaining at historically healthy levels. Simultaneously, a preliminary report indicated that private sector input prices reached an 11-month peak in April, raising concerns that the Federal Reserve may delay interest rate cuts later this year.

The cryptocurrency market showed moderate gains with Bitcoin trading near $78,000, as institutional inflows into spot ETFs continue to provide support. However, traders remain cautious as the $80,000 level has acted as a firm resistance ceiling throughout the month of April amid fluctuating risk appetite.

Marijuana stocks including Tilray Brands and Canopy Growth saw gains following a formal order from the Acting Attorney General to reclassify state-licensed medical cannabis. This federal shift toward categorizing the substance as a less dangerous drug provided a targeted boost to the sector amidst a broader market decline.