Finance

Crude oil futures experienced a slight retreat but remained elevated, with Brent crude settling near $104.72 per barrel and West Texas Intermediate around $91.20 per barrel. Prices softened slightly after a bilateral agreement was reached with Russia to supply diesel to global and domestic markets. However, ongoing maritime incidents near the Strait of Hormuz have maintained a significant geopolitical risk premium on energy supplies.

The 10-year Treasury yield fluctuated closely around 5.25%, remaining near its highest level in 24 years following recent interest rate hikes by the Federal Reserve. Sticky inflation data and elevated energy costs continue to exert upward pressure on borrowing costs across the economy. Concurrently, consumer sentiment has shown signs of deterioration as households upwardly adjust their long-term inflation expectations.

Technology stocks found relief late in the week after updated projections showed OpenAI's annualized revenue remains on track to reach $70 billion, countering an earlier report that suggested a much lower $50 billion figure. The dramatic swings in tech indexes underscore growing investor anxiety and heightened sensitivity regarding AI valuations. Analysts note that markets are increasingly punishing companies that fail to satisfy lofty operational expectations, even when reporting substantial profits.