Finance

A historic selloff in global bonds paused on Friday as Treasury yields eased slightly from recent peaks. The 10-year U.S. Treasury yield settled back down around 5.18% after climbing to its highest closing levels in nearly two decades earlier in the week.

Crude oil futures tumbled sharply following reports that U.S. and Iranian negotiators are discussing a phased diplomatic agreement. Anticipation over a potential deal to reopen the strategic Strait of Hormuz helped push Brent crude prices down below $98 a barrel.

The University of Michigan's latest benchmark survey showed that consumer sentiment unexpectedly declined to its lowest level in four months. The dip was primarily driven by consumers raising their short-term and five-year expectations for inflation.