Finance

Despite the extended ceasefire, Brent crude oil prices surpassed $100 per barrel due to ongoing disruptions in the Strait of Hormuz. Markets remain wary as Iran reportedly seized two commercial vessels in the critical shipping lane, fueling concerns that energy supply chains will remain volatile despite the pause in direct military conflict.

A flurry of quarterly reports significantly impacted individual equities, with GE Vernova shares jumping over 12% following a substantial profit beat. Conversely, Best Buy shares fell more than 4% after the company announced the sudden departure of its CEO, highlighting a divergent performance between high-performing industrial sectors and struggling retail components.

Bitcoin climbed above $79,000 to reach its highest valuation since early February, fueled by a 'risk-on' sentiment following the ceasefire news. This upward momentum extended to crypto-related equities, with companies like MicroStrategy and Coinbase seeing significant gains as liquidations of short positions accelerated the rally.

The yield on the 10-year Treasury note held steady near 4.3% as investors weighed strong retail sales data against the latest diplomatic developments. Market participants are also analyzing testimony from Federal Reserve Chair nominee Kevin Warsh, who indicated a preference for a smaller balance sheet and maintained a hawkish stance on inflation management.

New data from the Commerce Department revealed that March retail sales rose by 1.7%, exceeding the 1.6% growth forecasted by economists. This robust consumer spending has reinforced expectations that the Federal Reserve may maintain current interest rates for a longer period to manage persistent inflationary pressures.