Finance

The bond market experienced significant volatility as long-term borrowing costs briefly reached their highest levels since before the 2008 financial crisis, with the 10-year Treasury yield jumping as high as 5.22%. Yields later moderated toward the end of Friday's session, settling around 5.17%. The late-day retreat in yields provided vital breathing room for risk assets, though investors remain highly sensitive to a potentially hawkish Federal Reserve trajectory.

International and domestic crude benchmarks experienced a notable selloff due to escalating optimism surrounding ongoing diplomatic negotiations between Washington and Tehran. West Texas Intermediate crude futures dropped over 2.3% to settle at $92.41 per barrel, while international benchmark Brent crude slipped below $98. The potential for a phased agreement to secure transit through the critical Strait of Hormuz significantly reduced the geopolitical risk premium in energy markets.

Bitcoin and Ethereum traded relatively flat, hovering near $84,000 and $2,700 respectively, following pullbacks from their recent local highs earlier in the week. However, the broader digital asset space witnessed a pronounced capital rotation out of speculative assets and into utility-focused altcoins. Tokens like Quant, Ondo, and Chainlink posted substantial gains, while over $400 million in leveraged positions were liquidated across the derivatives market.