Finance

Crude oil futures experienced a significant selloff, with both Brent and West Texas Intermediate dropping approximately 6% in a single session. This decline followed reports that the U.S. administration is in the final stages of negotiations to resolve the ongoing conflict with Iran, a development that could potentially reopen the Strait of Hormuz to global energy shipments.

The bond market saw a reprieve on Wednesday as the 10-year Treasury yield fell more than nine basis points to settle near 4.57%. Investors moderated their inflation expectations following optimistic diplomatic commentary, though longer-dated 30-year bonds had briefly touched 5.20% earlier in the day, marking their highest level since 2007.

Large-scale retailers including Target, Lowe’s, and TJX Companies exceeded first-quarter profit estimates and raised their full-year outlooks. These results triggered a notable rotation into consumer discretionary stocks, suggesting that American household spending remains resilient despite broader inflationary pressures and high fuel costs.