The market volatility followed an initial spike in yields, which had climbed earlier in the session on the back of hotter-than-expected wholesale inflation figures. This upward momentum stalled abruptly after President Trump announced the suspension of planned military strikes on Iran. The de-escalation cooled concerns over regional stability, causing oil futures to drop and prompting a flight to the perceived safety of government debt. As demand for bonds surged, yields retreated across the board, providing a lift for utility stocks which are often favored by investors when borrowing costs decline.