Finance

Oil prices have tumbled to post-war lows, with West Texas Intermediate falling below $69 per barrel as supply flows through the Strait of Hormuz returned to pre-conflict levels. This sharp decline in energy costs has eased broader inflation concerns and helped drive down U.S. Treasury yields, providing relief to non-tech sectors of the stock market.

The latest Personal Consumption Expenditures (PCE) price index showed inflation rising 0.4% monthly, a figure that matched consensus estimates and suggest price pressures may be stabilizing. While annual inflation remains above the Fed's 2% target, the report provided enough stability for the Dow Jones Industrial Average to notch a new intraday record high.

The cryptocurrency market experienced a notable downturn as Bitcoin plunged to roughly $59,000, its lowest level since October 2024. This decline was accompanied by significant liquidations and accelerated outflows from U.S. spot Bitcoin ETFs, which have now seen seven consecutive weeks of negative flows.