Finance

Long-term government bond yields hovered near their highest levels in more than a decade as investors continued to fret over structural deficits and stubborn inflation. The volatility persisted despite Treasury Secretary Scott Bessent announcing that the government would double its long-term Treasury buyback operations to over $4 billion. Short-dated note yields also advanced, indicating that market participants are increasing their bets on potential Federal Reserve interest rate hikes later this year.

Cryptocurrencies extended a powerful multi-day rally, pushing Bitcoin up to near the $77,000 threshold and logging its best weekly performance since 2024. The sudden influx of liquidity was fueled by a weaker U.S. dollar and optimism surrounding a White House meeting where digital asset executives were urged to push for new regulatory legislation. The digital asset surge also trickled down to equity markets, driving double-digit single-day gains for crypto-focused platforms like Coinbase and Robinhood.

Crude oil futures settled higher for a sixth consecutive day, with Brent crude pushing past $94 a barrel. The commodity's gains were driven by compounding geopolitical friction in the Middle East after an oil tanker was seized in the Strait of Hormuz and the expiration of a critical regional memorandum. While high energy prices put immense pressure on inflation data and consumer behavior, it allowed the stock market's energy sector to emerge as a solitary point of strength during broader weekly equity liquidations.