Intel leads Wall Street toward a record following a blowout profit report, while oil prices swing
Intel's strong profit report led to a 22.6% surge, contributing to the S&P 500's 0.8% climb and pushing it closer to its all-time high. Oil prices fluctuated amid ongoing tensions between the US and Iran, with Brent crude prices settling at $104.76 per barrel.
The S&P 500 climbed 0.8% as technology stocks rose, led by Intel's 22.6% surge following a strong profit report. Intel's CEO Lip-Bu Tan attributed the success to increasing demand for its chips and products driven by the next wave of artificial-intelligence technology. The Dow Jones Industrial Average was down 0.1% at noon Eastern time, while the Nasdaq composite rose 1.5%. Procter & Gamble rose 3.5% after reporting stronger-than-expected profit, while Charter Communications fell 23.7% due to weaker-than-expected results. Treasury yields eased as traders bet on potential Federal Reserve interest rate cuts later this year.
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