Finance

A dramatic global bond sell-off cooled down heading into the weekend, helping to alleviate some of the borrowing cost pressures on equities. The yield on the benchmark 10-year U.S. Treasury note retreated slightly from an intraday high of 5.22% to settle around 5.18%. However, yields remain pinned near multi-decade highs due to stubborn inflation worries, robust economic momentum, and a heavy government debt burden.

International energy markets witnessed a pullback as benchmark crude futures dropped noticeably on reports of diplomatic progress in the Middle East. Negotiators from the United States and Iran discussed a phased agreement in New York aimed at restoring normal maritime traffic through the crucial Strait of Hormuz. This potential breakthrough softened Brent crude below $98 a barrel, easing immediate supply disruption fears that had troubled investors earlier in the week.

Renewed technology optimism spearheaded market gains, with major firm developments and robust corporate reports bolstering resilience. Meta Platforms surged roughly 13% for the week following positive investor sentiment over its artificial intelligence agent Muse, making information technology the top-performing S&P 500 sector. Additionally, enterprise software provider Akamai Technologies added to the momentum by announcing a significant multiyear partnership with AI firm Anthropic.