Finance

The 10-year Treasury yield climbed to 4.54%, its highest level in nearly a year, as investors reacted to persistent inflationary pressures and weak demand in recent government debt auctions. Rising energy costs linked to ongoing geopolitical tensions in the Middle East have intensified expectations that the Federal Reserve may maintain restrictive interest rate policies for longer than previously anticipated.

Shares of Cisco Systems surged over 13% after the networking giant reported third-quarter earnings that exceeded analyst expectations. The company also announced a strategic plan to reduce its workforce by 4,000 employees to prioritize investments in AI-powered network traffic and silicon technologies.

Oil futures are heading for a weekly gain with Brent crude rising toward $109 per barrel as the Strait of Hormuz remains effectively closed due to the conflict in Iran. While a recent summit between U.S. and Chinese leaders showed a positive tone, the lack of a concrete breakthrough regarding maritime security has kept energy markets on edge.