Finance

Energy markets saw a significant decline as the immediate threat of conflict in the Strait of Hormuz receded. West Texas Intermediate crude futures dropped 4.4% to settle around $86.60 a barrel, while Brent crude fell nearly 3% to approximately $90.38 on news that a potential peace deal could be finalized by the weekend.

Bond yields declined across the board as investors adjusted their outlook for Federal Reserve policy in light of cooling energy prices. The 10-year Treasury yield fell to 4.463%, and traders moderated their bets on a year-end interest rate hike, despite recent Producer Price Index data showing wholesale prices rising faster than anticipated.

Elon Musk's SpaceX dominated market headlines by raising $75 billion in the largest initial public offering in history. The landmark sale valued Musk's stake in the company at roughly $690 billion, potentially positioning him as the world's first trillionaire as shares began trading.