After three consecutive weeks of gains, markets sold off as stalled ceasefire negotiations with Iran pushed crude oil prices higher, renewing inflation concerns. Rising Treasury yields also weighed on sentiment. A midweek attempt by the administration to ease long-term yields through Treasury buybacks proved short-lived, with nearly the entire decline in yields reversing within 24 hours. Retail earnings were mixed, as higher-income consumers remained resilient while rising gas prices pressured lower-income shoppers.