Finance

Global oil prices fell significantly as West Texas Intermediate crude futures dropped to $92.41 per barrel and Brent crude fell to around $104.32. The retraction follows unconfirmed reports that Washington and Tehran are conducting negotiations to reopen the vital Strait of Hormuz. Hopes for a regional truce provided a crucial reprieve after a punishing week for energy commodities.

The bond market witnessed heavy dramatic action as the 10-year Treasury yield surged to a peak of 5.22%, recording its highest intraday level since 2007 before settling slightly lower at 5.18%. Simultaneously, the 30-year yield reached levels not seen since 2004. Fixed-income investors continue to demand higher yields due to persistent fears over inflation, expanding government debt, and a hawkish Federal Reserve interest rate path.

Information technology led the S&P 500 sectors with a weekly gain of 3.1%, largely driven by major corporate announcements involving artificial intelligence. Meta Platforms experienced a massive 13% weekly surge linked to optimism regarding its AI agent Muse, while cloud firm Akamai Technologies saw its stock climb over 3% following an $11.6 billion multiyear contract with Anthropic.