Finance

Crude oil futures experienced volatile trading but settled slightly lower after President Trump stated that no military strikes on Iran would take place before the upcoming midterm elections. Additionally, the announcement of a new supply agreement with Russia to deliver more diesel to global markets helped ease immediate supply fears. Despite the brief dip, both Brent crude and West Texas Intermediate futures remained elevated due to persistent security threats in the Strait of Hormuz.

The benchmark 10-year Treasury yield fluctuated around 5.25%, maintaining its footing near a 24-year high reached earlier in the week. Yield curves continue to experience pressure from strong nominal economic growth, persistent inflation worries, and impending government debt auctions. With bond markets closing for Columbus Day, equity investors remain highly sensitive to these elevated borrowing costs.

Technology and semiconductor stocks managed to rebound late in the week as initial market anxieties regarding an artificial intelligence bubble began to fade. The sector had previously suffered a sharp sell-off following media reports suggesting that OpenAI's annualized revenue fell short of previous expectations. The stabilization indicates that while investors remain highly critical of tech monetization, overall demand for AI infrastructure remains robust.