Finance

U.S. Treasury yields advanced as newly appointed Fed Chairman Kevin Warsh indicated that inflation risks remain a primary concern, despite some recent easing. While a softer-than-expected manufacturing report briefly pared these gains, the benchmark 10-year yield held near 4.46% as markets weighed the potential for further rate hikes later this year.

Shares of Meta Platforms climbed over 10% following reports that the company plans to monetize its massive AI infrastructure by selling excess computing capacity. This move added nearly $180 billion in market value, providing a major buoy for the broader indexes amid broader weakness in hardware and infrastructure providers.

Energy stocks underperformed as West Texas Intermediate crude futures dropped below $69 per barrel, reaching price levels not seen since before recent geopolitical conflicts. The decline in energy costs has helped ease broader inflation concerns but weighed heavily on sector-specific ETFs and major oil service providers.