Finance

Energy markets witnessed a noticeable retreat as international and U.S. crude benchmarks slipped. Brent crude dipped below $98 a barrel, while West Texas Intermediate neared $92 a barrel, easing fears of sustained high inflation that have weighed heavily on consumer sentiment and business costs.

The bond market rout caught a brief intermission as the 10-year U.S. Treasury yield stabilized around 5.17% after briefly approaching 5.22%. Despite the late-week retreat, borrowing costs continue to hover near their highest levels since 2007, driven by strong domestic data and expectations of sustained interest rate pressure from the Federal Reserve.

Robust corporate earnings reports have acted as a anchor for equity markets amid challenging macroeconomic conditions. Notable business moves, such as a major multi-billion dollar cloud partnership between Akamai Technologies and Anthropic, alongside strong quarterly profits from major retailers, bolstered investor confidence.