Asian shares have surged and oil prices slipped after the U.S. stock market rallied to records. Benchmarks jumped more than 3% in Tokyo and Seoul as shares in computer chipmakers and other AI-related companies advanced. Brent crude fell below $80 per barrel. On Tuesday, the S&P 500 shot up 1.8% as the main measure of Wall Street’s health topped its prior all-time high set in June. The Dow added 1.7% to its own record set the day before, and the Nasdaq composite jumped 2.6%. Palantir Technologies and Caterpillar helped lead the way after becoming the latest companies to deliver stronger profits for the spring than expected.

Oil prices got back to jumping, while sinking technology stocks dragged Wall Street lower amid uncertainty about what the Federal Reserve will do to get high inflation under control. The S&P 500 fell 1.5% Wednesday after briefly erasing all of an earlier drop of 1.2%. The Dow Jones Industrial Average tumbled 2.2%, and the Nasdaq composite sank 1.7%. The price of Brent oil leaped back above $88 per barrel to add further pressure on inflation. The Fed pledged again to get inflation back down to 2%, but it offered few clues on how it would do so after holding interest rates steady.

Most U.S. stocks rose after Coca-Cola and other companies reported stronger profits for the spring than analysts expected. But more drops for chip stocks and other AI winners kept Wall Street's gains in check Tuesday, and the S&P 500 rose a relatively modest 0.2%. The Dow Jones Industrial Average jumped 1%, while the Nasdaq composite slipped 0.2%. The slides for AI stocks were worse elsewhere in the world, and South Korea's Kospi index tumbled nearly 11%. Oil prices continued to ease, which helped to pull Treasury yields lower in the bond market. Brent crude fell toward $82 per barrel.

Shares of Chinese memory chipmaker CXMT have soared as the company began trading in Shanghai in mainland China’s biggest IPO in recent years. CXMT raised at least $8.6 billion with the IPO. Founded in 2016, the company is China’s leading memory chip manufacturer, making chips that are used in areas including AI servers to consumer electronics like smartphones. This comes as China is increasingly pushing for self-sufficiency in its tech race with the U.S., despite American-led export controls having blocked the country from accessing the world's most cutting-edge chipmaking machineries. Though the company still trails behind giants like SK Hynix and Micron, it is now playing a critical role in China’s artificial intelligence push.

The U.S. military says it completed the 11th night of strikes on Iran as attacks across the Middle East overshadowed diplomatic efforts to salvage an interim ceasefire deal that has collapsed. U.S. Central Command said the targets of the strikes into Wednesday morning included aircraft hangars and drone storage sites. The barrage came after President Donald Trump telegraphed that strikes would be intensifying. Before the strikes, Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict. But it was unclear what new arrangement might be reached to end the war, which has become a battle for control over the Strait of Hormuz. Trump said the U.S. had no interest in talks.

Kuwait says Iran again attacked power and desalination plants, causing damage to the crucial facilities.

Kyiv’s historic Lukianivka neighborhood offers affordable rents, easy access to the city center, a well-connected metro line and historic landmarks. But it's also one of the Ukrainian capital's most frequently bombed areas. Lukianivka includes a Soviet-era weapons plant that has become one of Russia’s top targets in the city. Across the street, the metro station where residents seek shelter during air raids has been hit at least eight times. Craters have become a permanent part of the urban landscape. Residents no longer ask whether Lukianivka will be hit again, only when. But many of them are committed to staying there, despite the danger.

Jingye Group, the former owner of British Steel, has demanded compensation from the U.K. government for investment losses after the company's nationalization last week. The British government took control last year after Jingye considered closing the blast furnaces at the Scunthorpe plant. Jingye said Sunday the move damaged the U.K.'s credibility and spooked investors. The company has already started negotiations under bilateral investment agreements and reserves the right to international arbitration. An independent evaluation will determine if compensation is owed, according to British officials. The U.K. Department for Business and Trade says the nationalization saves jobs and ensures a domestic steel supply for key industries.