Finance

Crude oil futures plunged lower following diplomatic reports of a proposed seven-day plan to resolve conflicts in the Middle East and reopen the critical Strait of Hormuz. International benchmark Brent crude slid below $98 per barrel, while West Texas Intermediate crude fell past the $92 threshold, helping release massive headwinds built up on global energy markets.

The global bond market selloff paused as U.S. 10-year and 30-year Treasury yields eased from their highest levels since 2007 and 2004, respectively. Investors digested emerging headlines regarding discussions between U.S., Chinese, and Iranian negotiators, prompting yields to fall slightly from the day's peak as risk aversion marginally subsided.

Information technology emerged as the top-performing sector within the S&P 500, recording a significant weekly advance. Shares of Meta Platforms drove a major portion of this tech optimism, jumping roughly 13% over the week as investors reacted enthusiastically to the public release of its new artificial intelligence agent, Muse.