Finance

International and domestic benchmark crude oil prices retreated significantly late in the week, with West Texas Intermediate falling below $93 per barrel. The downward movement was triggered by reports of diplomatic progress between the U.S. and Iran, raising optimism that negotiators could establish an agreement to reopen the highly critical Strait of Hormuz to oil tankers.

U.S. government borrowing costs pulled back slightly from their highest levels in nearly two decades, with the 10-year Treasury note ending near 5.17%. The slight easing followed a volatile session where yields briefly spiked to multi-decade highs after a University of Michigan survey indicated that consumer expectations for future inflation are accelerating.

Technology sector shares provided substantial upward momentum for the broader market, driven in part by substantial gains for Meta Platforms. The social media giant saw its stock market valuation advance roughly 13% for the week following immense investor excitement over the rollout of its brand-new artificial intelligence agent, Muse.