Finance

U.S. Treasury yields firmed up significantly, with the benchmark 10-year yield jumping well past 5% during the session. The uptick in fixed-income yields was exacerbated by a preliminary report indicating that U.S. business activity has expanded at its quickest pace in over five years, sparking concern that input costs are climbing rapidly.

While the broader S&P 500 index faced pressure and closed relatively flat, the energy sector stood out as a clear top performer, gaining 1.7% in afternoon trading. Notable companies like Devon Energy and APA led the sector higher as investors monitored geopolitical developments and potential export restrictions discussed at the United Nations.

Financial service providers and wealth advisory firms like Charles Schwab and LPL Financial experienced notable downward pressure during recent trading. This pullback follows the rollout of Meta's latest artificial intelligence agent, which investors fear could significantly disrupt conventional consumer behavior and business models across the financial industry.