Finance

U.S. Treasury yields remained elevated following the Federal Reserve's first interest rate hike in three years. The benchmark 10-year Treasury yield fluctuated near the 5% threshold, a level not seen in decades, while the 2-year yield closed at its highest point since mid-2024. Investors continue to process the central bank's hawkish policy outlook and the possibility of further tightening before the end of the year.

Despite macroeconomic headwinds, large-cap technology and semiconductor names staged a strong comeback toward the end of the week. Upbeat forward-looking sentiment from artificial intelligence leaders helped stabilize the sector and attract buyers back to growth stocks. The sector's momentum provided a temporary reprieve for the tech-heavy Nasdaq index, keeping its intermediate-term trajectory afloat.

In a historic corporate transition, Warren Buffett announced he is stepping down as chairman of Berkshire Hathaway to transition into the role of chairman emeritus. Buffett will remain on the board and continue to act as an advisor to the conglomerate. His son, Howard Buffett, is set to succeed him as the company's new chairman.