Finance

Energy prices surged with Brent crude rising back over $105 per barrel after Iran's supreme leader issued a directive to keep enriched uranium within the country. This geopolitical tension reversed a brief dip in oil prices and pushed the 10-year Treasury yield higher to 4.62%, as markets braced for renewed inflationary pressure.

Minutes from the April FOMC meeting showed that while interest rates were held steady at 3.5%–3.75%, the decision was not unanimous. Several officials suggested that further rate hikes might be necessary if inflation remains persistently above the 2% target, particularly as higher energy costs and the conflict in the Middle East complicate the economic outlook.

Retailers and service providers showed diverging results, with Walmart shares falling on a cautious outlook tied to high gas prices while TJX and Lowe’s reported earnings that exceeded expectations. Additionally, Intuit shares dropped 4% following reports of a significant workforce reduction, and AMC Entertainment saw a double-digit percentage jump after its CEO disclosed new share purchases.