Overview
- Global stocks fell Friday after bond yields jumped to fresh highs and crude climbed, with the US 10‑year near 4.57% and the 30‑year around 5.11% as Brent topped $109 a barrel.
- Hot April inflation data from the Bureau of Labor Statistics, with CPI up 3.8% year over year and PPI at 6.0%, pushed markets to price fewer rate cuts and a rising chance of no change or even a hike by December, according to CME Group odds.
- Oil’s rise tracked continued disruption linked to the Iran conflict and a lack of progress on reopening the Strait of Hormuz following President Trump’s talks with China’s Xi, reinforcing worries about energy‑driven price pressures.
- The pullback hit the narrow, AI‑led rally hardest as major US indexes retreated from record highs and chipmakers slid, while government borrowing costs also rose across Europe, the UK, and Japan.
- Bitcoin briefly approached $82,000 after a Senate panel advanced the CLARITY Act but then slipped below $80,000 as higher Treasury yields raised the appeal of interest‑bearing assets and spot Bitcoin ETFs were on pace for roughly $700 million in weekly outflows.