Finance

Bond markets saw significant pressure as the 30-year Treasury yield reached its highest level since July 2007, peaking near 5.19%. Concurrently, the benchmark 10-year yield touched 4.7%, a 16-month high, driven by persistent inflation concerns and a robust labor market that may prompt further interest rate hikes.

Oil prices hovered near multi-year highs as ongoing conflict between the U.S. and Iran created supply uncertainty. West Texas Intermediate neared $108 per barrel while Brent crude traded above $112, reflecting market fears that the closure of critical transit routes like the Strait of Hormuz could cause significant global supply shortages.

The technology-heavy Nasdaq led market declines as high-flying AI valuations faced scrutiny amidst rising interest rates. Investors remained cautious and focused on chipmaker Nvidia's upcoming quarterly earnings, which are expected to serve as a critical signal for the continued viability of the artificial intelligence infrastructure trade.