Finance

Crude oil markets experienced turbulent trading as international benchmark Brent crude hovered well above $100 per barrel due to persistent maritime strikes near the Strait of Hormuz. Prices experienced minor relief after the White House indicated that military operations in Iran would not occur prior to the upcoming midterm elections, alongside the announcement of a new diesel supply arrangement with Russia. West Texas Intermediate futures ultimately settled slightly lower at approximately $91.20 a barrel.

Fixed-income markets saw some relief as the benchmark 10-year U.S. Treasury yield stabilized around 5.24%, pulling back from its highest levels in 24 years. Yields had previously spiked near 5.37% amid lingering inflation anxieties and the Federal Reserve's recent interest rate hike, which brought the target range to between 3.75% and 4.00%. Strong investor demand at government debt auctions helped cap the aggressive bond sell-off before the weekend.

The tech-heavy Nasdaq recovered after a sharp sell-off sparked by conflicting reports regarding OpenAI's annualized revenue projections. Initial fears that the AI developer's revenue might fall billions short of expectations were countered by updated estimates pointing toward a stronger target, injecting fresh momentum back into the market. While major players like Nvidia faced minor headwinds from canceled international listing plans, other sector constituents like AMD experienced strong surges due to multi-year chip supply deals.