Finance

International benchmark Brent crude oil surged beyond $108 a barrel following the breakdown of U.S.-Iran diplomatic talks and ongoing disputes over the Strait of Hormuz. The supply shock is actively reigniting global inflation worries and weighing down the broader economic outlook.

U.S. Treasury yields climbed sharply across the curve, with the benchmark 10-year note yield pushing past 5.22%. The ongoing bond market rout is fueled by rising oil prices, sticky inflation data, and heightened expectations that the Federal Reserve will maintain a hawkish stance.

Bucking the broader technology sector's downward trend, Nvidia approved a massive $150 billion increase to its existing share repurchase program. The expansion leverages the cash influx generated by the generative artificial intelligence boom, even as other tech firms face pressure over safety concerns and slowing development calls.