Finance

Crude oil futures posted a significant weekly loss as signals of progress in negotiations between the US and Iran emerged. International benchmark Brent crude settled near $103.54 per barrel, dropping more than 5% over the week after tensions involving the Strait of Hormuz showed signs of potential de-escalation.

The yield on the benchmark 10-year US Treasury note dipped to 4.56% on Friday, following three sessions of declines. This pullback provided relief to the broader equity market, although analysts remain cautious as recent FOMC minutes indicated that additional interest rate hikes might be necessary if inflation stays above the target.

Major retailers including Ross Stores and Workday reported profits that exceeded analyst expectations, helping to drive the recent market rally. Ross Stores specifically reported a 37% increase in earnings per share, highlighting robust consumer activity in certain segments even as inflation pressures lower-income households.