Finance

Oil prices experienced a slight downturn to finish the week following a major mid-week spike that sent Brent crude back above the $100 threshold. Markets found relief after President Trump stated that the U.S. military does not intend to launch strikes on Iranian oil facilities ahead of the November midterm elections. Despite the minor late-week cooling, energy prices remain heavily elevated due to persistent shipping threats in the Strait of Hormuz.

Tech-heavy indices rebounded strongly on Friday following a steep selloff during the previous trading session. Equities in the semiconductor and AI spaces had faced intense downward pressure after OpenAI's financial performance came under heavy scrutiny. Investor anxiety dissolved after new details emerged regarding the artificial intelligence developer's revenue profile, stabilizing software and hardware equities.

Government bond yields experienced sharp swings but remained near some of their highest marks in decades, posing a continued threat to broader economic expansion. The 10-year Treasury yield fluctuated following recent minutes from the Federal Reserve that highlighted a strong likelihood of another interest rate hike before the year concludes. Simultaneously, a University of Michigan survey indicated that American consumers are continuing to increase their near-term inflation projections.