The S&P 500 fell 1.43% to close at 7,674.37, ending a three-week winning streak. The 30-year Treasury yield surged to 5.327%, its highest level since 2007, while the 10-year note hovered near 4.7%. Oil prices jumped over 6% for the week amid Middle East tensions, with Brent crude rising 6.39% and WTI gaining 5.66%. US Treasury Secretary Scott Bessent doubled weekly Treasury buybacks to $4 billion to calm the bond market, but the move only offered a brief reprieve as yields quickly reverted to elevated levels. The Nasdaq Composite bore the brunt of the sell-off, dropping 2.05%, with tech stocks most sensitive to rising rates.
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