Finance

Wall Street indices experienced a slight pullback on Friday as the market absorbed the prospects of higher borrowing costs. The Nasdaq Composite saw the largest decline of the session, dropping 0.52%, while the S&P 500 and Dow Jones Industrial Average slid 0.25% and 0.02% respectively. Despite the daily dip, all three major benchmarks successfully closed the week in positive territory.

The bond market adjusted quickly to the central bank's firm stance against inflation, causing short-term U.S. Treasury yields to climb sharply. The 2-year note yield advanced over 11 basis points to settle near 4.35%, while the benchmark 10-year note yield ticked up to 4.73%. Concurrently, the U.S. dollar strengthened significantly against major foreign currencies, posting its largest single-day gain in two and a half months.

Precious metals took a major hit as spot gold tumbled over 3% to close around $4,454 an ounce, and silver plummeted more than 4%. Meanwhile, crude oil prices edged lower, marking their first weekly decline in three weeks. West Texas Intermediate settled at $83.40 a barrel, and Brent crude finished near $89.31 as geopolitical developments and shifting macroeconomic policy weighed on trading desks.