Finance

Crude oil prices fluctuated following reports of more strikes on vessels near the Strait of Hormuz, maintaining international Brent crude futures above the $100 per barrel threshold. However, immediate price pressures were slightly mitigated after the U.S. administration indicated there would be no direct strikes on Iran prior to the upcoming midterm elections, coupled with a newly announced supply arrangement with Russia.

The U.S. cash bond market will be closed on Monday for the Columbus Day holiday, leaving market participants to evaluate equity futures in isolation. Prior to the pause, the benchmark 10-year Treasury yield settled slightly above 5.24%. This left interest rates resting just below a 24-year peak of 5.37% reached earlier in the week, driven by persistent inflation anxieties and the prospect of further Federal Reserve rate hikes.

Wall Street is preparing for a significant test of its current valuation metrics as the third-quarter earnings season approaches. Major commercial banks are scheduled to report their financial performances early in the week, with expectations remaining elevated for sustained earnings expansion. Investors will be monitoring these corporate disclosures closely, particularly after early reports from companies like Delta Air Lines failed to meet estimates due to rising fuel costs.