Finance

Major stock benchmarks wavered and finished mostly lower as the persistent rally in bond yields overshadowed positive geopolitical developments. Equities briefly moved off their session lows following reports that U.S. and Iranian negotiators are discussing a phased agreement to reopen the Strait of Hormuz in exchange for lifting economic blockades. However, these gains were capped by the persistent downward pressure from high energy costs and surging fixed-income yields.

International benchmark Brent crude futures advanced by 2% to trade around $105 per barrel, while West Texas Intermediate crude tracking rose similarly to hover near $94 per barrel. Energy prices have remained highly elevated due to ongoing tensions in the Middle East and concerns over supply bottlenecks. Although temporary relief emerged from prospective diplomatic talks regarding regional shipping lanes, the energy sector continues to fuel broader market inflation anxieties.

Digital assets surrendered their recent momentum, with Bitcoin sliding toward the $83,000 range and Ethereum dropping roughly 2.5% from the prior day's opening levels. The downturn across crypto markets follows a dramatic shift in macroeconomic expectations, as data from the CME Group's FedWatch tool revealed a sharp increase in the likelihood of consecutive Federal Reserve interest rate hikes before the end of the year. This restrictive monetary outlook has dampening investor enthusiasm for risk assets.