Finance

International benchmark Brent crude oil futures climbed more than 3% to settle above $94 per barrel, fueled by ongoing geopolitical conflicts in the Middle East. This rapid spike in energy prices renewed inflation anxieties across the market, driving 10-year Treasury yields to near their peak levels for the year and prompting traders to reassess the likelihood of near-term Federal Reserve interest rate hikes.

Corporate results delivered significant stock fluctuations under the index surface, with entities like AT&T and Philip Morris rallying on stronger-than-expected spring profits. However, major post-market releases intensified investor anxiety, as Alphabet shares tumbled following negative free cash flow caused by an immense $45 billion capital expenditure on AI infrastructure, while Tesla faced pressure from lower-than-anticipated adjusted earnings.

Digital assets traded within a tight consolidation range, with Bitcoin hovering near the $65,000 to $66,000 mark. While macroeconomic pressures and rising oil prices checked broader upward momentum, institutional demand remained resilient, supported by six consecutive days of positive inflows into U.S. spot Bitcoin ETFs and potential progress on the Digital Asset Market Clarity Act in the Senate.