Crude oil prices are crashing more than 10%, easing fears of an energy-driven stagflation shock that had weighed on markets for weeks.
WTI crude oil plunged 13% to $81.7 per barrel, while Brent crude dropped 10.7% to $88.8.
Across U.S. equity markets by midday Friday, gains were broad-based:
The S&P 500 advanced 99 points, or 1.4%, to 7,140, notching a fresh record and eyeing its third straight session of gains. Since Trump’s ceasefire announcement, the S&P 500 has rallied over 12% claiming its best 3-week rally since April 2020.
The Nasdaq 100 gained 1.3% to 26,683, also hitting a fresh record and extending its winning streak to 13 sessions, the longest since 2013 and only the fourth such run in the index’s history.
806 stocks in the Russell 1000 are trading higher.
The Russell 2000 outperformed, advancing 2.5% to 2,788, with small caps also joining larger-cap counterparts on fresh record highs.
The yield on the U.S. 10-year Treasury note fell nearly 8 basis points to around 4.24%, approaching one-month lows.
The 2-year yield dropped 9 basis points to 3.70%, as traders reprice the likelihood of potential interest rate cuts later this year.
Gold climbed 1.8% to $4,873 per ounce, with the SPDR Gold Shares (NYSE:GLD) tracking the advance, as Treasury yields and the dollar weakened. Silver soared 5.2% to $82 per ounce.
Bitcoin (CRYPTO: BTC) rallied 4.5% to $78,000, heading for its highest close since early February 2026. For the week, the largest cryptocurrency is up over 10%, its best weekly surge since November 2024.
Friday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,139.68
+1.4%
Dow ...
