Finance

U.S. Treasury yields advanced as investors grew concerned that rising oil costs would reignite persistent inflation. The 10-year Treasury yield rose to 4.58%, its highest level in four weeks, while the 30-year yield reached approximately 5.07%. Market participants are closely monitoring these rates, fearing they may force the Federal Reserve to maintain elevated interest rates for a longer period.

Sector performance was uneven, with the energy sector rising as oil prices spiked, while financials and industrials faced significant pressure. Despite five of the 'Magnificent Seven' tech stocks finishing lower, chipmakers such as Nvidia and Broadcom saw gains, helping the tech-heavy Nasdaq recover from intraday losses. Broadcom specifically saw an uplift of nearly 5% following an expanded partnership with Apple for custom chips.

Digital assets experienced a downward trend as renewed hostilities in the Middle East dampened investor appetite for risk. Bitcoin fell roughly 1.1% to trade near $62,000, and Ethereum declined by approximately 1.6% to around $1,743. These losses come despite a recent weekly recovery where both assets had previously rebounded from lower year-to-date levels.