Stocks climb as oil cools on Hormuz progress; yields stay lofty but steady

U.S. equities finished higher after crude prices eased on signs of movement toward reopening the Strait of Hormuz, taking some pressure off inflation fears even as Treasury yields hovered near multi‑decade highs. The tone improved into the close, with gains broad enough to offset yesterday’s wobble and reset the week’s narrative back toward “resilience despite rates.”

Key Headlines & Market Movers

Oil narrative flips: talk of a Hormuz plan steadies risk appetite: Reports that the U.S. and Iran are working on a short, phased framework to reopen the Strait of Hormuz nudged crude lower and encouraged buyers back into equities. With energy’s price impulse tempering, traders leaned into the idea that inflation pressure could ease at the margin if shipping flows normalize. The shift in oil’s trajectory was the day’s swing factor, helping indexes grind higher into the bell.

Rates remain the ceiling—just a bit higher up: Long-end Treasury yields steadied after surging to levels last seen in the mid‑2000s, keeping the market’s focus glued to the cost of capital. The 10‑year’s climb this week has been the primary constraint on risk multiples; today’s pause helped growth shares and broader benchmarks exhale. Even so, the message from the tape is clear: with yields near cycle highs, leadership continues to favor durable balance sheets and cash‑flow visibility.

AI infrastructure gets a spotlight moment: Akamai jumped after unveiling a multi‑year agreement with Anthropic, feeding the thesis that infrastructure and enablement layers can capture secular AI spend even as front‑end cycles ebb and flow. The move underscores where investors are still paying up: dependable, recurring demand tied to cloud, security, and AI workloads. It also provided a focal point for sector bulls on a day when macro set the boundaries for risk.

Into next week, the path of oil and long-end yields remains the primary driver of risk appetite. Any concrete confirmation—or setback—around Hormuz could swing energy and inflation expectations, while fresh Fed commentary will be read through the lens of a still‑firm economy and restrictive rates. Watch whether today’s quality‑tilt persists and whether breadth improves beyond megacaps as funding costs stabilize.

Disclaimer

Duncan Williams Asset Management is an SEC registered investment adviser. SEC registration does not constitute an endorsement of Duncan Williams Asset Management by the SEC nor does it indicate that Duncan Williams Asset Management has attained a particular level of skill or ability.

This material prepared by Duncan Williams Asset Management is for informational purposes only and is accurate as of the date it was prepared.  It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Past performance is not indicative of future results. Investing involves risks, including the risk of loss of principal. Before making any investment decision, investors should consult with their financial advisor, consider their individual financial circumstances, and carefully review all relevant information and risk factors. Duncan Williams Asset Management assumes no responsibility for errors or omissions, nor does it accept liability for any loss arising from reliance on this information.

Advisory services are only offered to clients or prospective clients where Duncan Williams Asset Management and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Duncan Williams Asset Management unless a client service agreement is in place.

This material is not intended to serve as personalized tax, legal and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Duncan Williams Asset Management is not a legal or accounting firm. Please consult with your legal or tax professional regarding your specific tax situation when determining if any of the mentioned strategies are right for you.

‍