Nasdaq scales record peak as oil retreats on Middle East supply gains

The Nasdaq Composite Index reached an all-time high as investors rotated into technology stocks, with semiconductor and AI-linked equities leading the rally. Micron Technology and other companies benefiting from the artificial intelligence boom contributed significantly to the index's gains, underscoring persistent market appetite for tech sector exposure.

Strong corporate earnings reports continued to underpin market sentiment, with companies delivering results that beat expectations and maintained guidance. The resilience in corporate profitability has reinforced investor confidence despite macroeconomic headwinds, supporting the broader equity rally.

On the commodities front, crude oil prices declined as supply concerns eased following improved hydrocarbon flows from West Asian producers. The softening in energy costs provided some relief to inflation-sensitive sectors while potentially supporting consumer sentiment in India and across South Asia, where oil imports constitute a significant economic factor.

Analysts attributed the market strength to a confluence of factors: sustained artificial intelligence demand, better-than-expected earnings, and moderating energy costs. Technology stocks have emerged as primary beneficiaries of growing AI adoption across industries, with institutional investors maintaining significant allocations to the sector despite recent gains.