Dell Technologies Shares Surge Following Upbeat Q2 Results and Raised Sales Outlook

While Dell Technologies saw gains, other chip and AI infrastructure stocks faced pressure in pre-market trading. For example, Marvell Technology fell over 2%, while Intel, Micron Technology, and Advanced Micro Devices all declined by more than 1%. In the broader market, the 10-year T-note yield fell to 4.78% after reaching a high of 4.82% earlier in the week. This pullback in yields eased some concerns regarding persistent inflation. Simultaneously, oil prices retreated, with WTI crude falling over 1% on Wednesday. This price drop occurred despite intensified fighting between the U.S. and Iran over the Strait of Hormuz, where the U.S. military conducted a fresh wave of strikes against Iran's southern coast. U.S. Energy Secretary Chris Wright noted that 17 million barrels of oil transited the Strait of Hormuz on Monday, marking the highest daily volume since the conflict began.