Finance

The 10-year Treasury yield briefly surged to its highest level since 2007, touching 5.22% following stronger-than-expected economic data and revised consumer sentiment metrics. Yields remain significantly elevated across all maturities as investors continue to price in potential future rate hikes from the Federal Reserve. Although yields eased slightly toward the close of Friday's session, heavy government debt loads and persistent geopolitical risks are expected to keep pressure on the bond market.

Oil prices retreated with benchmark West Texas Intermediate falling over 2% to settle near $92.41 a barrel and Brent oil sliding below the $100 mark. The downturn follows reports that U.S. and Iranian officials are holding discussions in New York regarding a phased agreement to reopen the crucial Strait of Hormuz. The cooling of energy prices helped alleviate immediate inflationary concerns on Wall Street, facilitating a broader equity rebound.

Information technology led the S&P 500's sector performance, gaining momentum from positive industry developments. Akamai Technologies saw its stock climb over 3% following a major multi-year collaboration announcement with artificial intelligence developer Anthropic. Additionally, Meta Platforms experienced an impressive weekly surge of nearly 13% driven by investor enthusiasm surrounding its newest AI agent.