Finance

A drop in global energy prices helped release intense pressure on Wall Street as Brent crude futures slipped below $98 per barrel. The downward trend followed emerging reports pointing toward potential progress in negotiations between Washington and Tehran over maritime traffic in the Middle East.

The 10-year U.S. Treasury note yield retreated slightly from recent multi-year peaks, ending near 5.1% to offer equities some breathing room. However, fixed-income markets remain highly sensitive to strong domestic economic data and a potential interest rate hike by the Federal Reserve.

The University of Michigan consumer sentiment index fell to a four-month low as Americans voiced growing concerns over sustained higher prices. Notably, consumers boosted their year-ahead inflation outlook to 4.6%, raising fears that elevated expectations could trigger a self-fulfilling cost-of-living cycle.