Finance

The yield on the benchmark 10-year U.S. Treasury note advanced to 4.75%, matching levels not seen in over a year and a half. This global sovereign debt selloff intensified after hawkish statements from Federal Reserve officials indicated that price pressures have not sufficiently cooled, prompting markets to recalibrate the likelihood of upcoming interest rate hikes.

Global energy benchmarks, including Brent crude, escalated toward the $90 per barrel threshold following renewed military conflicts in the Middle East. The direct strikes have disrupted investor risk appetite and triggered supply chain concerns through critical transit corridors like the Strait of Hormuz.

Shares of Edison International and PG&E plummeted sharply, dropping roughly 23% and 20% respectively. The dramatic downturn followed a decision by California legislators to block a legislative proposal intended to help investor-owned utilities recover costs associated with wildfire liabilities.