US equity markets declined over the week as surging long-end Treasury yields, with the 30-year yield briefly touching its highest level since 2007, weighed on risk assets broadly, though a Friday rally fueled by strong US business activity data helped limit losses. The S&P 500 fell 1.4% for the week, pressured by rising borrowing costs that particularly hurt technology and growth-oriented sectors. Treasury yields moved higher across the curve as elevated oil prices and ongoing tensions involving Iran fueled concerns about persistent inflation. WTI crude oil increased approximately 6.9% on heightened geopolitical risk, while gold gained approximately 5.5%, supported by safe-haven demand and the Treasury’s announcement of increased long-dated Treasury bond buybacks. July retail sales fell 0.6% month-over-month, well below the consensus estimate of a 0.1% gain, signaling a potential pullback in consumer spending that raised concerns about the pace of economic growth.