Finance

Oil markets experienced wild fluctuations following reports of attacks on shipping vessels near the Strait of Hormuz, maintaining international Brent crude benchmark prices comfortably above $100 per barrel. Prices experienced brief reprieves after statements from the White House confirmed that the U.S. will hold off on any military strikes on Iran until after the upcoming midterm elections.

The 10-year Treasury yield fluctuated over the week, remaining near 5.25% after briefly hitting a 24-year high of nearly 5.37%. Fixed-income markets continue to bear the weight of persistent inflation data and expectations for further Federal Reserve rate increases following the central bank's tightening move in September.

Major telecommunications stocks faced a swift downturn after SpaceX finalized an 800 MHz spectrum acquisition to venture into the mobile network sector. The high-profile transaction triggered sharp single-day stock declines for established domestic mobile carriers including T-Mobile, Verizon, and AT&T.