Finance

Energy prices retreated over reports that U.S. and Iranian negotiators are actively discussing a phased agreement to reopen the strategically critical Strait of Hormuz. West Texas Intermediate futures slipped roughly 2.3% toward $92 a barrel, which eased the persistent energy-shock pressures that have been fueling broader market anxiety.

Fixed-income markets experienced historic selling pressure as the 30-year Treasury yield surged to a 22-year high of 5.50% and the 10-year yield touched levels unseen since 2007. Bond yields eased slightly toward the end of Friday's session in response to dropping oil prices, though borrowing costs remain deeply elevated on expectations of further data-dependent Federal Reserve rate hikes.

Tech optimism re-entered the market as Akamai Technologies shares jumped following an $11.6 billion, multiyear cloud computing partnership with AI startup Anthropic. Meanwhile, a stronger-than-expected quarterly profit report from Costco Wholesale provided additional fundamental backing, illustrating corporate durability against inflationary headwinds.