Finance

Global oil prices fell significantly as traders reacted to news that the United States and Iran are nearing a peace deal to reopen the Strait of Hormuz. West Texas Intermediate futures dropped over 3% to approximately $84.85 per barrel, providing a boost to fuel-sensitive sectors such as airlines and cruise operators.

U.S. Treasury yields tumbled as geopolitical tensions eased, with the benchmark 10-year note yield falling toward 4.45% from previous highs. This move effectively erased the yield surge sparked by a stronger-than-expected May jobs report as the focus shifted from military concerns to cooling inflation expectations.

While hardware and infrastructure companies continue to benefit from the AI boom, software stocks like Adobe experienced post-close weakness due to skepticism over artificial intelligence monetization strategies. Investors are increasingly questioning whether AI serves as a long-term growth tailwind or a threat to traditional seat-based business models.