Finance

Oil prices continued their upward trajectory, with Brent crude climbing back above $102 per barrel as tensions persist regarding the closure of the Strait of Hormuz. Despite an announced extension of a ceasefire between the U.S. and Iran, uncertainty over future peace talks and recent maritime incidents has kept the energy market under pressure. This spike in crude costs is increasingly influencing corporate performance, leading several major airlines to lower their profit expectations for the year.

Tesla shares declined more than 2% on Thursday as investors shifted focus from its quarterly profit beat to concerns over rising capital expenditures. The company highlighted significant spending increases to support the production ramp-up of its Optimus robots, including the construction of a new manufacturing facility in Texas. This pivot toward intensive robotics and AI investment appears to be tempering immediate enthusiasm for the automaker's financial results.

The cryptocurrency market showed relative stability with Bitcoin trading near $77,800, having opened the day above $78,000 for the first time since early February. While digital assets faced some minor volatility alongside broader markets, technical indicators suggest a strengthening trend as institutional interest continues to flow into Bitcoin-backed ETFs. Ethereum also showed signs of recovery, trading around $2,328 despite slight intraday pullbacks.

The 10-year Treasury yield hovered near 4.3% as investors processed fresh data indicating a sharp jump in annual inflation to 3.3% for March 2026. This rise in consumer prices, driven largely by energy shocks and tariffs, has led traders to reset expectations for potential Federal Reserve interest rate cuts. The market is currently anticipating that the central bank may hold rates steady at its upcoming April meeting, with most projected cuts delayed until the latter half of the year.

Marijuana-related stocks experienced a significant surge in trading following reports that the Department of Justice may move to reclassify the drug as less dangerous. This potential easing of federal controls provided a rare pocket of optimism in a mixed trading day, boosting individual pot firms across the major exchanges. The news comes as investors look for alternative growth sectors amid broader volatility in technology and finance stocks.