Finance

Brent crude surged past $110 per barrel as hostilities in the Strait of Hormuz raised significant concerns regarding global energy supply stability. Although President Trump extended a deadline for potential military action to April 6, the temporary reprieve failed to curb the upward momentum of oil prices as diplomatic progress remained stagnant.

The 10-year Treasury yield jumped to 4.46% on Friday, marking its highest level since last summer as investors priced in a 'higher for longer' interest rate environment. Market participants are increasingly worried that rising energy costs will trigger a renewed surge in inflation, potentially forcing the Federal Reserve to consider interest rate hikes rather than cuts in 2026.

Digital assets faced a 'macro-dominated capitulation' on Friday, with Bitcoin struggling to maintain the $70,000 support level that had held throughout the first quarter. The Crypto Fear & Greed Index plummeted to 10, indicating extreme fear, as the total market capitalization contracted toward $2.4 trillion amidst broader geopolitical and economic uncertainty.

High gasoline prices led to a sharp selloff in non-essential sectors, with Norwegian Cruise Line, Airbnb, and Lululemon all posting significant losses. Investors are pivoting away from consumer cyclicals and mega-cap technology firms, rotating instead into energy and utility sectors which have shown relative resilience during the current market volatility.

In a bright spot for corporate earnings, Carnival Corporation announced record first-quarter 2026 revenues of $6.2 billion and a 50% increase in adjusted earnings per share. The company raised its full-year profit outlook, citing record booking volumes at historically high prices that helped mitigate the impact of rising maritime fuel costs.