Finance

International and domestic crude benchmarks experienced a notable upward trajectory on Monday due to escalating geopolitical tensions in the Middle East. Brent crude climbed over 2% to slide past $90 a barrel, after a temporary 60-day ceasefire agreement lapsed without a successful resolution. The breakdown in diplomatic progress has renewed worries regarding steady energy supplies through vital trade corridors like the Strait of Hormuz.

The bond market mirrored rising oil-driven inflation fears on Monday as long-term borrowing costs accelerated higher. The yield on the 10-year Treasury note edged up to approximately 4.73%, compounding pressures across various consumer credit sectors. Concurrently, the 30-year Treasury bond yield spiked even higher to hit levels not witnessed by investors since mid-2007.

Despite a largely negative day for mega-cap technology corporations, chipmakers managed to buck the downward trend. Strong revenue growth metrics announced by artificial intelligence startup Anthropic provided a wave of confidence for hardware components suppliers. As a result, industry manufacturers like Intel, Micron Technology, and SanDisk posted notable market advances.