Finance

Despite a brief stabilization at the end of the week, longer-term Treasury yields hit their highest marks in decades across the curve. Strong macroeconomic reports and sticky core inflation indicators continue to boost expectations that the Federal Reserve will implement another interest rate hike in October.

West Texas Intermediate and Brent crude oil benchmarks dropped more than 2% in recent sessions. The downward movement followed reports that Iran has engaged with U.S. leadership to resurrect a previous memorandum of understanding, offering hope for a reopening of the critical Strait of Hormuz.

Shares of Akamai Technologies jumped after the company finalized a multiyear infrastructure partnership with AI developer Anthropic. Serving as the largest deal in Akamai's corporate history, the multi-billion-dollar agreement prompted several major Wall Street analysts to lift their price targets for the firm.