Finance

U.S. Treasury yields cooled significantly after recently reaching their highest levels since before the 2008 financial crisis. The 10-year yield fell more than 8 basis points to approximately 4.58%, while the 30-year yield also retreated from its nearly 20-year peak of 5.19%.

Oil prices saw a sharp decline of 6% on Wednesday following reports that the U.S. administration is in the final stages of negotiations with Iran. Brent crude dropped to around $104 per barrel, providing relief to global markets that had been rattled by potential supply disruptions in the Strait of Hormuz.

Despite inflation concerns, strong first-quarter corporate performance continues to drive stock records with S&P 500 earnings on pace for over 27% year-over-year growth. However, individual performance remains mixed; for instance, Target shares fell over 3% despite beating quarterly expectations as investors looked for even higher growth.