Finance

U.S. government bond yields experienced dramatic swings, initially surging on weak consumer sentiment data before easing later in the session. The 10-year Treasury yield closed near 5.18% after briefly spiking to its highest intraday level since 2007. Meanwhile, the 30-year yield held near multi-decade highs, reflecting ongoing concerns regarding inflation and heavy government debt loads.

International energy markets saw a significant pullback as Brent futures dipped under $98 per barrel and West Texas Intermediate slid below $93 per barrel. The losses were driven by reports that Iran had pitched a seven-day proposal to halt regional conflict alongside ongoing conversations between global leaders. The retreat in energy costs provided much-needed relief to equity and bond markets.

Tech shares provided a substantial boost to the broader market, headlined by Akamai Technologies gaining over 3% following a massive $11.6 billion, multiyear partnership with Anthropic. Meta Platforms also bolstered weekly performance, advancing roughly 13% over five days. The market excitement surrounding corporate AI developments helped counter macroeconomic headwinds from high borrowing costs.