Finance

The 10-year US Treasury yield remained elevated around 5.24%, lingering near its highest level in 24 years. Fixed-income markets continue to exert pressure on equities as a preliminary report from the University of Michigan revealed that consumers are raising their near-term inflation forecasts to 4.7%. This rise in long-term borrowing costs reflects persistent fears that the Federal Reserve will maintain high interest rates for an extended period.

Shares of top US wireless companies plummeted on Friday following news that Elon Musk's SpaceX secured a nationwide low-band spectrum portfolio. The deal positions Starlink Mobile as a formidable and direct competitor in the domestic mobile industry. Consequently, communication services was the only major sector of the S&P 500 to finish the trading session in negative territory.

Oil prices retreated slightly after President Donald Trump announced that the United States would not launch military actions against Iran before the upcoming midterm elections. While a newly unveiled supply deal with Russia for global diesel provided some relief, ongoing maritime strikes near the Strait of Hormuz kept international benchmark Brent crude trading securely above the $100 per barrel mark.