Finance

Wall Street indices experienced a choppy session following strong business survey data and persistent interest rate worries. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average fluctuated but found some late-day stability near their session lows. Equities recovered briefly after reports surfaced that the U.S. and Iran are negotiating a phased diplomatic agreement to reopen the strategic Strait of Hormuz.

The U.S. Treasury purchased $4.08 billion of its own long-term debt on Thursday, failing to reach the maximum $6 billion cap previously announced by Treasury Secretary Scott Bessent. Although dealers offered over $10.47 billion in bonds, the department ultimately rejected a vast majority of the offers. This initiative aimed to alleviate escalating yield pressures but left investors disappointed by the low volume of accepted issues.

The digital asset market retraced from its recent monthly highs, facing strong resistance as investors recalibrated for a hawkish macroeconomic climate. Bitcoin dipped below the $84,000 threshold, while Ethereum and leading altcoins also registered distinct percentage losses. Heightened global inflation concerns have rapidly pushed up the implied probability of multiple additional Federal Reserve interest rate hikes before the end of the year.