Finance

Crude futures fell sharply at the end of the week following reports that the United States and Iran are negotiating a phased deal to restore tanker traffic through the Strait of Hormuz. West Texas Intermediate futures dropped over 2% to settle near $92 per barrel, while Brent crude fell to approximately $104 per barrel. The decline in energy costs cooled investor fears regarding persistent, oil-driven systemic inflation.

Despite a brief respite sparked by declining oil prices on Friday, U.S. Treasury yields completed the week at historically elevated levels. The 10-year Treasury yield hover around 5.18%, hovering near its highest marker since 2007, while the 30-year yield reached a high unseen since 2004. Upward momentum on yields was also reinforced by a University of Michigan survey indicating an uptick in consumer inflation expectations for the year ahead.

Technology equities led the S&P 500 higher, fueled by ongoing investor enthusiasm for artificial intelligence initiatives. Meta Platforms spearheaded weekly gains with a near 13% surge following excitement around its new AI agent, Muse. Akamai Technologies also recorded a notable 3% single-day advance after securing a multi-year collaborative agreement with AI startup Anthropic.