Finance

Crude oil benchmarks fell sharply as progress in U.S.-Iran negotiations signaled a return to normalcy for global supply chains. Brent crude dropped over 4% to reach its lowest levels since late February, significantly reducing inflationary concerns linked to energy costs and shipping through the Strait of Hormuz.

The yield on the 10-year U.S. Treasury note fell to approximately 4.45% as lower energy prices eased market anxieties regarding persistent inflation. Investors are recalibrating expectations for future Federal Reserve policy, with many shifting focus toward upcoming PCE inflation data for further monetary cues.

Wall Street is closely monitoring Micron Technology's upcoming quarterly report, which is expected to serve as a bellwether for the semiconductor industry's health. After a 13% plunge in the previous session, the stock saw a pre-market rebound as analysts projected a significant year-over-year increase in both earnings and revenue driven by AI infrastructure spending.