The broader market sentiment remained cautious, with the S&P 500 slipping 0.14% and the Nasdaq Composite dropping 0.57%. Sasha Foss, an energy markets analyst at Marex, noted the convergence of supply risks, stating that everything is currently going wrong at once. This volatility pushed the 10-year Treasury yield to 4.657%, its second-highest level this year, while gold climbed 1.9% to $4,146.90 per troy ounce.

Corporate movements provided a stark contrast to the macro-level malaise. Super Micro Computer jumped nearly 20% following a $60 billion influx in new orders, buoying rivals like Dell Technologies. Conversely, GE Vernova shares slid 8.7% after missing quarterly earnings estimates, despite a record $176 billion order backlog. Meanwhile, political headwinds impacted specific sectors as President Trump announced a 100% tariff on generic drugs beginning in August 2028, triggering a sell-off among international pharmaceutical manufacturers. Traders have reacted to the inflationary pressure by raising the probability of a Federal Reserve rate hike at next week’s meeting to 25%.