Finance

Crude oil prices fell to their lowest levels since early March following a roadmap toward a peace deal between the United States and Iran. The West Texas Intermediate contract settled at $73.21 a barrel after the U.S. issued a 60-day license for Iran to sell oil, providing significant relief to global energy importers.

FedEx reported strong fourth-quarter results and introduced an optimistic 2026 outlook following the spin-off of its freight unit, despite a slight intraday stock decline. Conversely, AI chip designer Cerebras Systems saw its first-quarter revenue nearly double in its first report since going public, even as broader market volatility hit established chip giants like Micron, which tumbled 13% ahead of its own earnings report.

The yield on the U.S. 10-year Treasury note hovered near 4.5% as investors weighed easing energy-driven inflation against a hawkish Federal Reserve stance. Markets have significantly increased bets on a September rate hike, now pricing in a nearly 68% probability compared to just 29% a week ago, as central bank policy shifts toward more aggressive inflation management.