What’s News in Markets: Meta’s Muse, Diesel Dilemma, Paramount's Breakthrough

The biggest action in markets this week was in bond yields.

The benchmark 10-year yield climbed above 5% on Wednesday, its highest level since 2007.

That was also its biggest one-day jump in more than a year.

A combination of elevated oil prices, persistent inflation concerns, and fresh economic data showing strong business activity and job growth created a perfect storm in bond markets, leading investors to bet that interest rates may have to stay higher for longer or even rise further.

Overall, the NASDAQ climbed 2.1% for the week, while the S&P rose 1.2%, and the Dow finished 0.3% higher.

Meanwhile, Brent crude futures increased 0.4% to settle above $104 a barrel.