Finance

Driven by a rally in technology and artificial intelligence infrastructure stocks, the tech-heavy Nasdaq Composite led major market averages higher and achieved a new intraday milestone. While the Dow Jones Industrial Average and the S&P 500 closed the week down despite a late rebound, the Nasdaq managed to secure its third consecutive weekly gain. Shares of chipmakers and prominent hardware tech companies provided significant upward momentum.

Sovereign debt markets experienced relief as long-dated U.S. Treasury yields retreated from their highest levels in over twenty years. The benchmark 10-year Treasury yield had climbed to peaks around 5.35% due to long-term inflation worries and massive government debt supply before pulling back in response to weaker economic indicators. This downward correction in yields provided immediate breathing room for equities and eased broader borrowing cost concerns.

The cryptocurrency market found renewed footing as Bitcoin traded near $84,800, supported by optimism surrounding a potential pause in domestic interest rate hikes. Although digital assets have experienced substantial gains over the last quarter, major cryptocurrencies like Bitcoin and Ethereum continue to trade notably lower compared to their positions a year ago. The market remains highly sensitive to macroeconomic indicators and upcoming regulatory adjustments.