Finance

Energy markets saw a significant pullback as Brent crude and West Texas Intermediate futures both declined, with WTI dropping toward $92 per barrel. The downward movement was accelerated by emerging reports that Washington and Tehran are conducting negotiations to potentially establish a phased agreement aimed at reopening the strategically vital Strait of Hormuz.

The 10-year U.S. Treasury yield briefly surged to 5.22% following domestic economic updates, matching its highest threshold since 2007, before ending the session slightly lower at 5.15%. Global borrowing costs continue to display remarkable upward momentum due to lingering apprehensions surrounding sticky inflation and massive federal debt loads.

The PHLX Semiconductor Index registered a strong 1.8% daily jump, culminating in a 6.7% weekly gain that marked its best performance since August. However, market analysts observed that despite the robust technology and artificial intelligence momentum lifting the broader indexes, the overall market breadth remained soft with most individual S&P 500 components finishing the week lower.