Finance

Government bond yields initially plunged immediately after the weaker-than-anticipated nonfarm payroll figures were reported. However, the drop in yields proved short-lived as the fixed-income market retraced its losses later in the trading session. The initial softening in yields helped pull down borrowing benchmarks from their previous multi-decade highs, providing a brief relief period for broader financial markets.

Crude oil prices finished the week lower, with West Texas Intermediate falling to around $89 a barrel. The price slide occurred as global powers, including the G-7, agreed to release 100 million barrels of crude and diesel from strategic stockpiles. Even though increased flows from major exporters pressured energy benchmarks downward, ongoing tensions in the Middle East maintained a noticeable risk premium over the market.

Shares of athletic apparel giant Nike declined sharply after the firm adjusted its internal metrics, anticipating a larger drop in sales for the current fiscal year than analysts had initially expected. Despite reporting quarterly profits that outpaced Wall Street projections, the weaker revenue outturn highlighted ongoing headwinds in consumer discretionary spending. The downgrade contrastingly occurred on a day of widespread gains across technology and major equity indices.