Finance

The benchmark 10-year Treasury note yield cooled slightly from its highest overnight peaks to settle around 5.18%, though it remained hovering near 19-year highs. Persistent strength in domestic economic indicators has fueled investor anxiety regarding future monetary policy, raising the probability of a Federal Reserve interest rate hike next month to 66%. Market participants are closely watching upcoming inflation datasets, which could further intensify the 'good economic data is bad for bonds' dynamic.

Technology heavyweights led major sector gains on Wall Street, with Microsoft surging nearly 4% on Friday. Meanwhile, Akamai Technologies saw its shares jump 3% after securing an multi-billion dollar cloud infrastructure contract with AI startup Anthropic. In addition, People Incorporated witnessed an 11% spike following reports of acquisition talks with MGM Resorts International.

West Texas Intermediate crude futures dropped below $93 per barrel, and Brent crude fell to roughly $105.59 per barrel, driven by glimmers of diplomatic progress in the Middle East. Concurrently, gold futures rose 0.5% to cross back over the $4,300 per ounce threshold, capitalising on a minor softening of the U.S. dollar index. Long-term demand for the precious metal continues to be supported by persistent inflation concerns and defensive currency hedging.