Finance

A historic sell-off in the global bond market took a brief breather toward the end of the week, helping to lift pressure off Wall Street equities. The U.S. 10-year Treasury yield moderated slightly to end near 5.17% after briefly touching 5.22%, its highest point since 2007, while the 30-year yield hovered near a 22-year high of 5.50%.

International benchmark crude oil prices dropped as Brent futures slipped below the $98 per barrel mark and West Texas Intermediate fell over 2% to trade around $92. The market relief came amid reports that U.S. and Iranian negotiators are discussing diplomatic progress that could potentially lead to the reopening of the crucial Strait of Hormuz.

Cryptocurrencies defied historically negative seasonal trends, with Bitcoin maintaining monthly gains to trade around the $81,000 to $85,000 range. Despite a recent Federal Reserve interest rate hike and growing expectations of additional policy adjustments in the autumn, digital assets managed to anchor onto recent monthly momentum.