US Markets Rebound as Oil Prices Fall and Yields Soften
US markets rebounded at the opening bell on Friday as falling oil prices and softer Treasury yields lifted sentiment. The Dow Jones Industrial Average rose by 0.36%, with Microsoft Corp. leading the pack, up 4.66% to $517.21. Oil prices dropped 1.47% to $93.22 a barrel, while Brent crude eased 1.29% to $105.22, extending yesterday's pullback.
Treasury yields also retreated, with the benchmark 10-year note down two basis points at 5.185%. The recent rise in yields followed hawkish remarks from Federal Reserve governor Michael Barr on Thursday and persistently elevated energy prices linked to the Iran conflict. Higher benchmark yields pushed up borrowing costs for households, with the 30-year fixed mortgage rate rising to a two-year high of 7.03%.