Finance

The aggressive global selloff in fixed income markets experienced a brief reprieve late in the week, helping to stabilize equities. The 10-year U.S. Treasury yield cooled slightly to 5.18% after flirting with multi-decade highs near 5.22% during previous sessions. Despite the slight Friday pullback, overall yields remain at historic heights not seen in nearly twenty years.

Crude oil futures experienced a sharp decline of over 2%, relieving intense inflationary pressure on the broader financial markets. International benchmark Brent crude dipped below $98 a barrel, while West Texas Intermediate settled near $92 per barrel. This downward movement followed reports that American and Iranian negotiators are discussing a phased arrangement to restore traffic through the crucial Strait of Hormuz.

Renewed tech optimism provided a strong catalyst for the market, spearheaded by mega-cap companies revealing advanced artificial intelligence capabilities. Microsoft surged over 3% following updates to its Copilot ecosystem, including specialized coding capabilities and automated agents, while hardware manufacturers like Dell and Qualcomm registered strong gains. Additionally, Akamai Technologies popped significantly after locking in an $11.6 billion multiyear partnership with chatbot developer Anthropic.