Finance

The 10-year U.S. Treasury yield stabilized around 5.17% after briefly spiking to 5.22%, close to its highest level since 2007. The bond market caught a breather from a massive global selloff as cooling energy costs offset a hot University of Michigan consumer sentiment report. Despite the late-week easing, yields remain highly elevated due to persistent inflation worries, federal deficits, and ongoing geopolitical tensions.

Crude oil futures tumbled significantly with Brent oil dipping below the $98 mark and West Texas Intermediate nearing $92 a barrel. The commodity's retreat was driven by emerging reports that American and Iranian negotiators are making progress on a phased agreement to reopen the strategic Strait of Hormuz. Reopening the vital maritime waterway is viewed by investors as a critical component to mitigating the energy-driven inflation shock.

Cryptocurrency markets demonstrated resilience following the Federal Reserve's recent interest rate hike, with Bitcoin stabilizing near $84,413. The broader digital asset space has seen increased spotlight as investors search for alternative vehicles amid recent volatility in traditional bond and oil sectors. The market recovery follows an earlier September squeeze that briefly drove massive short liquidations when Bitcoin crossed higher thresholds.