Finance

The aggressive global selloff in government debt showed signs of stabilization at the end of the week, helping equities recover. Earlier in the session, fixed-income yields surged sharply, with the 10-year Treasury yield briefly flirting with its highest milestone since 2007 and the 30-year yield approaching its highest level since 2004. Persistent economic resilience and rising long-term consumer inflation expectations have fueled investor bets that the Federal Reserve remains highly likely to raise interest rates again next month.

Shares of Akamai Technologies advanced following the announcement of an $11.6 billion cloud infrastructure agreement. The multiyear deal with Anthropic, the developer behind the Claude AI assistant, underscores the significant ongoing financial investment in building out artificial intelligence ecosystems. Analysts noted that the substantial corporate spending in the AI space remains insulated from the headwinds of elevated borrowing costs affecting less profitable sectors.

The University of Michigan's consumer sentiment index dropped in September, pointing to growing public anxiety over inflation. Although the final reading slightly outpaced early-month preliminary projections, sentiment remains heavily weighed down by elevated fuel costs stemming from prolonged geopolitical tensions. Consumers are increasingly indicating plans to alter purchasing behavior to hedge against prospective price increases, a trend closely watched by central bank policymakers.