Global markets advanced with technology stocks leading gains. The S&P 500 rose 0.6% while the Nasdaq jumped 1.2%, driven by a chip sector rally. Micron Technology surged 19% and ON Semiconductor gained 9.3%, becoming the top performers in the S&P 500. Bond yields fell, with the 10-year Treasury declining 0.080 percentage point to 4.490%, as oil prices showed mixed trading.

BP's leadership faced upheaval as the oil giant removed its chairman Albert Manifold after concerns about his behavior toward employees and mishandling of company information. The London-based energy company's board unanimously decided Manifold should no longer serve as chair, sending its shares down 4%. The unexpected change comes amid BP's challenging energy transition.

Ferrari's electric vehicle debut sparked controversy after revealing its $640,000 EV designed by former Apple executive Jony Ive. The luxury car was met with widespread ridicule, with former Chairman Luca di Montezemolo warning of risking "the destruction of an icon." Ferrari's stock fell 8.4% as investors questioned the design direction.