Dollar spikes and oil slides as markets digest a hawkish Fed

Tech and semiconductor stocks are doing the heavy lifting today, brushing off a hawkish Federal Reserve. Intel's reported chip-manufacturing partnership with Apple sparked a massive double-digit rally for the chipmaker, helping pull the broader S&P 500 firmly into the green despite the tough macro backdrop [1][2]. Meanwhile, the energy market is aggressively repricing geopolitical risk. News of a preliminary US-Iran peace agreement has effectively reopened the Strait of Hormuz, triggering a sharp slide in crude oil [3][4]. This sudden drop in energy prices is bringing some much-needed relief to inflation watchers, even as the Fed signals a higher-for-longer rate environment. However,…