Finance

Global energy markets and government bond yields moderated after recent intense surges driven by geopolitical tensions in the Middle East. Energy prices pulled back from recent multi-year highs after public confirmations that the United States would not execute strikes against Iran ahead of upcoming elections, subsequently taking pressure off the 10-year Treasury yield, which stabilized near 5.24%.

Technology equities led the market rebound at the end of the week as anxieties surrounding an artificial intelligence valuation bubble began to fade. The index-wide recovery follows a sharp sell-off in the previous session triggered by heightened scrutiny over OpenAI's revenue outlook, though related market developments continued to affect international primary offerings.

The preliminary October consumer sentiment index from the University of Michigan pointed to growing concerns over household budgets heading into the fourth quarter. Driven by persistent cost-of-living pressures and a war with Iran, U.S. consumers raised their one-year inflation projections to 4.7%, dragging down optimism among lower-income demographics.