Finance

Crude benchmarks jumped to their highest levels since May, with West Texas Intermediate crossing above $102 a barrel and Brent crude settling over $107 a barrel. The ongoing seven-month conflict between the U.S. and Iran continues to restrict global supply, raising fresh concerns that sticky inflation will persist.

The 10-year U.S. Treasury yield spiked above 4.94%, putting the psychologically important 5% threshold within sight. This bond market selloff accelerated after the federal government's $6 billion long-term debt buyback operation failed to meet its target and upcoming inflation reports prompted futures traders to price in a 70% chance of a interest rate hike next week.

High-beta chipmakers like Intel and Micron Technology faced significant downward pressure as investors grew anxious that rising interest rates could stifle economic growth. Conversely, Apple shares managed to defy the broader trend, gaining more than 3% following the official debut of its first foldable smartphone.