Finance

Energy prices advanced significantly, with Brent crude briefly approaching $99.50 per barrel following military developments involving U.S. and Iranian forces. The geopolitical friction has stoked fresh inflation concerns ahead of the Federal Reserve's upcoming interest rate decision.

The prolonged military conflict and expanding domestic fiscal deficits have driven a broad bond selloff, propelling the 10-year Treasury yield close to the 5% threshold. Market observers warn that sustaining these elevated borrowing costs could introduce broader headwinds for equity markets.

Shares of biotech giant Amgen plunged 10% on Tuesday, marking its most severe trading decline since October 2000. The selloff was triggered by competitor Novartis reporting that its own investigational heart drug failed a clinical trial, which raised serious safety or efficacy doubts about Amgen's similar pipeline treatment.