Finance

Oil prices dipped significantly, with West Texas Intermediate crude falling beneath $93 per barrel. This downward trajectory followed reports that diplomats are negotiating a phased agreement to secure traffic through the vital Strait of Hormuz, providing necessary breathing room for global energy markets.

The aggressive global bond selloff took a breather, allowing the 10-year U.S. Treasury yield to drop from its intraday peak of 5.225% down to 5.18%. However, long-term borrowing costs remain perched near historic 19-year highs as recent macroeconomic policies and persistent inflationary data keep market participants cautious.

Strong quarterly retail performance, including better-than-expected corporate numbers from Costco Wholesale, has helped anchor domestic equities against inflation headwinds. Additionally, revised domestic consumer sentiment statistics outpaced prior expectations, helping to support stock valuations even as high energy prices weigh on consumer behavior.