Finance

Energy markets saw significant volatility as Brent crude futures briefly surpassed $100 a barrel following reports of stalled negotiations and an ongoing naval blockade. Prices eventually settled around $98 per barrel after the administration announced an extension of the current ceasefire, though investors remain wary of potential long-term disruptions to the Strait of Hormuz.

The yield on the benchmark 10-year Treasury note climbed to approximately 4.29% as markets processed testimony from Fed Chair nominee Kevin Warsh. During the hearing, Warsh emphasized the importance of central bank independence and a smaller balance sheet, while avoiding specific commitments regarding the future path of interest rates.

UnitedHealth Group shares jumped 7% after the healthcare giant reported better-than-expected quarterly results and increased its profit outlook for the year. The stock was a notable outperformer in a generally weak market, helping to mitigate deeper losses for the Dow Jones Industrial Average.

The cryptocurrency market showed relative stability compared to traditional equities, with Bitcoin trading near $75,000 even as geopolitical tensions weighed on other asset classes. Analysts noted that Bitcoin's realized volatility has recently fallen below several international equity benchmarks, reinforcing its role for some as a hedge during times of global uncertainty.

March retail sales increased by 1.7%, surpassing economist expectations and demonstrating continued consumer strength despite high inflation and energy costs. However, some analysts warned that persistent fuel price elevations could eventually pressure margins and private consumption throughout the second quarter.