S&P 500 Edges Up But Closes The Week In The Red. Treasury Yields Rose.

The S&P 500 closed the week in the red after edging up on Friday, capping a volatile week in which the Federal Reserve hiked interest rates for the first time in three years.

The index gained 0.17%, while the tech-heavy Nasdaq Composite did so 0.39%. The Dow Jones Industrial Average, in turn, dropped 0.18%.

Treasury yields rose, staying above 5% after touching the highest level since July 2007, before the financial crisis.

Oil markets had a volatile session as energy flows across the world remain under threat. Brent crude, the international benchmark, fell 1.46% and stood at $103.29 per barrel at 4:00 p.m. ET, while West Texas Intermediate, the U.S. benchmark, dropped more than 2% and went back below $100 a barrel at the same time.

Prices had climbed earlier in the day after Saudi Aramco told European buyers it doesn't have crude shipments for next month after its exports got severely disrupted on different fronts.

Citing people familiar with the matter, Bloomberg detailed that deliveries from the term contracts signed between Riyadh and the customers won't take place next month.

Riyadh said this week it now expects to resume partial pumping from its key East-West pipeline in a matter of days after shutting it down last Friday, according to another report.

A person familiar with the matter told Bloomberg that Saudi Aramco is working to bypass a damaged region soon, and to return to full capacity in about six weeks. The pipeline transports about 4% of global oil supplies.

Elsewhere, California Gov. Gavin Newsom issued an executive order to "dramatically accelerate independent oversight of AI companies and advance the creation of an 'AI kill switch'" as concerns about whether humanity will be able to contain the technology dominate the public debate.

"The federal government's abject failure to create any form of meaningful AI oversight or accountability should alarm every American, especially when AI CEOs themselves are begging for regulation," Newsom said in a statement.

"We're not waiting to act – we're going to speed up our work on substantial and responsible AI oversight before it's too late. We're going to do this thoughtfully but with urgent velocity; the stakes are too high to wait or delay action," he added.

The order calls on a group of experts to create guidelines for the state to strengthen AI safety and security laws within a two-month period.

The order comes shortly after Geoffrey Hinton, known as the "Godfather of AI," said Congress is running out of time to regulate artificial intelligence before losing the ability to do so.

Speaking to lawmakers behind closed doors, Hinton said Congress has "maybe a year, but not much more than a year."