Finance

Technology stocks found their footing as temporary anxieties regarding an AI sector bubble subsided. Jitters had flared after reports indicated OpenAI's annualized revenue dropped roughly $20 billion below prior expectations, prompting an initial pullback in chipmakers like Nvidia before a broader sector recovery took place.

Long-dated U.S. government bond yields eased slightly toward the end of the week but remained historically elevated, with the 10-year Treasury yield finishing around 5.24%. Fixed-income markets have witnessed heightened volatility due to sticky inflation risks, exacerbated by geopolitical conflicts involving Iran that continue to threaten energy supplies.

A preliminary report from the University of Michigan showed that domestic consumer confidence is facing headwinds heading into the fourth quarter. Survey respondents raised their forecasted inflation rate for the coming year to 4.7%, citing pressure from elevated borrowing costs and higher household expenses that are heavily squeezing lower-income brackets.