Finance

Energy markets reacted sharply to geopolitical developments, with Brent crude briefly surpassing $100 per barrel before settling near $99.67. Although a ceasefire extension was announced, ongoing U.S. naval blockades and disruptions in the Strait of Hormuz continue to impact global supply chains and drive price volatility.

UnitedHealth Group shares surged over 7% following strong quarterly earnings, providing a rare bright spot for the Dow. In contrast, Apple shares fell roughly 2.5% as investors reacted to the news that Tim Cook will step down as CEO later this year, and Tractor Supply plummeted nearly 12% after missing financial expectations.

The yield on the 10-year Treasury note climbed to 4.29% as investors monitored Kevin Warsh's confirmation hearing for the Federal Reserve chairmanship. Markets are currently pricing in a prolonged period of high interest rates, with expectations for any policy cuts shifting potentially into 2027 due to persistent inflationary pressures.

The cryptocurrency market showed resilience, with Bitcoin trading near $75,000 despite fluctuations in traditional equities. Recent analysis suggests Bitcoin's 30-day realized volatility has dropped below that of some major international stock indexes, leading some investors to view it as a maturing hedge during times of geopolitical unrest.