Finance

Crude oil futures experienced a sharp downturn following reports that U.S. and Iranian negotiators are actively discussing a deal to reopen the strategically critical Strait of Hormuz. West Texas Intermediate futures slipped roughly 2.3% to settle near $92 per barrel, relieving a major source of recent inflationary pressure on global markets.

A historic selloff in government bonds paused on Friday afternoon, helping the 10-year U.S. Treasury yield ease to 5.18% after it briefly spiked to a 19-year intraday high of 5.22%. Despite the late-week retreat, yields remain highly elevated following a recent Federal Reserve interest rate hike and data indicating an overheating economy.

Market interest in artificial intelligence is broadening from semiconductor chipmakers to infrastructure and cloud networking companies. Highlighting this shift, Akamai Technologies surged after announcing a massive multiyear partnership with AI startup Anthropic, while tech heavyweights like Meta Platforms notched strong weekly gains on software optimism.