Finance

The yield on the 10-year US Treasury note fell to a seven-week low, dipping below 4.40% as cooling inflation data reduced the perceived necessity for multiple rate hikes this year. This easing in the bond market was further supported by a report showing that consumer expectations for inflation in the coming year have slightly declined.

Crude oil prices have retreated to levels seen prior to recent Middle Eastern conflicts, with WTI futures trading near $70 per barrel as the Strait of Hormuz saw a return to normal tanker traffic. This sharp decline from earlier peaks above $100 has started to provide relief for consumers, with national average gasoline prices trending downward toward the $3.00 range.

The semiconductor industry experienced significant volatility this month, with the Philadelphia Semiconductor Index recently shedding roughly 10% in a single session. Despite the current turbulence and a $1.3 trillion loss in market value for the sector, long-term capital expenditure commitments for AI infrastructure from major tech firms remain on track to reach $725 billion this year.