Finance

Oil prices retreated by roughly 2% as speculations grew regarding a potential geopolitical truce between Washington and Tehran. The decline in both Brent and West Texas Intermediate benchmarks offered the broader equity market substantial breathing room after weeks of intense price pressure.

Bond markets saw a slight relief as the 10-year Treasury yield eased down from multi-year highs. The pullback in yields helped revive expensive growth portions of the stock market, though long-term consumer borrowing instruments like mortgage rates remain significantly elevated.

The University of Michigan's monthly survey revealed that consumer sentiment slumped to a four-month low. Ongoing anxieties over high fuel prices and future inflation expectations continue to sour public perception despite stability in other economic indicators.