Finance

Crude oil prices experienced a sharp pullback, with Brent crude falling over 3% to approximately $110 per barrel as a fragile ceasefire between the U.S. and Iran appeared to hold. This decline in energy costs eased immediate inflation concerns and provided a tailwind for equities, despite ongoing naval tensions in the Strait of Hormuz.

U.S. Treasury yields saw minor fluctuations as the 30-year bond yield remained decisively above the 5% threshold, a level not seen since July of last year. While the 10-year yield eased slightly to 4.42% following the retreat in oil prices, borrowing costs remain elevated compared to pre-conflict levels.

First-quarter earnings reports showed significant variation across industries, with Intel surging 14% on manufacturing partnership rumors while PayPal dropped 9% due to soft profit projections. Other notable moves included an 8% jump for Tyson Foods and a 13% rise for Pinterest, reflecting a market driven more by individual company guidance than broader economic trends.