Commodities
Crude Oil Surges Past $102 as US Stock Indices Decline
US stock indices declined on Friday as Treasury yields surged and crude oil prices reached new heights.
The Dow Jones Industrial Average retreated approximately 200 points, representing a 0.4% decline, while the S&P 500 shed 0.2% and the Nasdaq Composite fell 0.1%.
The benchmark 10-year Treasury yield pushed back above the 5% mark, with the 2-year yield advancing to 4.75%, creating headwinds for equities by increasing corporate borrowing costs.
West Texas Intermediate crude oil futures advanced 0.9% to approximately $102.82 per barrel, intensifying inflation pressures and driving prices upward due to supply disruptions in the Strait of Hormuz.