"Major indices are approaching or already in correction territory, with the S&P 500 potentially facing its sixth consecutive week of losses, a streak not seen since May 2022."
"Oil prices surged on Friday, with Brent Crude finishing at $113.20, up 4.79%, and West Texas Intermediate at $100.30, up 6.12%, driven by geopolitical tensions."
"Treasury yields were mixed, with the 30-year long bond closing at 4.97% and the benchmark 10-year note at 4.43%, reflecting ongoing market uncertainties."
"Precious metals showed solid performance on Friday, acting as safe-haven assets amid the volatility in stock markets and rising oil prices."
Futures are trading higher as traders return to a holiday-shortened week, with major indices in correction territory. If the week ends lower, it will mark six consecutive weeks of losses for investors. The Nasdaq was particularly affected, closing down 2.15%. Treasury yields showed mixed results, with some selling in longer maturities. Oil prices surged due to geopolitical tensions, contributing to stock market declines. Brent Crude and West Texas Intermediate both saw significant increases, while precious metals performed well as safe-haven assets.
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