Stocks were mixed Thursday as Treasury yields climbed and investors increased expectations for another Federal Reserve rate hike, although reports of a potential U.S.-Iran agreement to reopen the Strait of Hormuz helped major indexes recover from their lows. The 10-year Treasury yield reached about 5.15%, near its highest level since 2007, while the 30-year yield touched 5.458%, its highest since 2004. Brent crude rose as high as $108 a barrel, and CME FedWatch data showed a 68.6% probability of another rate hike in October, up from roughly 55% a week earlier. The update also highlighted Starbucks' plan to close about 250 underperforming North American cafes, or roughly 1% of its regional footprint. The closures are expected to generate about $300 million in restructuring charges and prompted the company to reduce its fiscal 2026 net new store forecast to 440 from 600 to 650. Analyst Jacob Aiken-Phillips said the move was more positive than negative because the affected locations were generally less profitable, with some sales potentially shifting to nearby cafes. Starbucks shares remain up about 11% this year but have dropped 14% since late August. The Food and Drug Administration approved Eli Lilly's once-weekly insulin Onswik for adults with type 2 diabetes, potentially replacing more than 300 annual injections compared with daily long-acting insulin. The approval brings Lilly closer to Novo Nordisk, which introduced the first weekly long-acting insulin earlier this year, although current FactSet consensus estimates put Onswik below 1% of Lilly's projected 2030 sales. Lilly is also pursuing a research and licensing agreement with InnoCare Pharma worth up to $3.35 billion. Costco was scheduled to report after Thursday's close, while Friday's focus turns to the final September University of Michigan consumer sentiment reading at 10 a.m. ET.