AI and Earnings Drive Market Rally as Oil Prices Swing

Wall Street extended its rally on Thursday, with the S&P 500 and Nasdaq hovering near record highs. Strong corporate earnings and unrelenting optimism around artificial intelligence fueled the advance. Snowflake led the charge, surging 35% after topping earnings estimates and securing a $6 billion AI infrastructure deal with Amazon Web Services.

Oil markets delivered the day's volatility. Brent crude briefly touched $93 per barrel amid escalating Middle East tensions before retreating on rumors of potential U.S.-Iran negotiations. The price swings kept traders alert, as persistent energy inflation could disrupt the Federal Reserve's rate-cutting trajectory.

While traditional markets dominated headlines, cryptocurrency investors noted the parallel momentum in tech and AI-related assets. The sector often moves in tandem with risk appetite, particularly when institutional capital flows toward growth-oriented plays.