Finance

Crude oil benchmarks stabilized and ticked slightly lower after statements ruling out military strikes on Iran ahead of the upcoming U.S. midterm elections. Despite a marginal pullback on Friday, with Brent crude hovering around $104 a barrel and West Texas Intermediate settling near $91, energy markets remain highly elevated compared to last year due to ongoing shipping attacks near the Strait of Hormuz.

A preliminary report from the University of Michigan revealed that consumer sentiment is dropping significantly, particularly among lower-income demographics. Short-term consumer inflation expectations increased to 4.7% for the year ahead, intensifying concerns that persistent price pressures will keep the Federal Reserve on track for more interest rate hikes before the end of the year.

Technology equities successfully recovered from a steep mid-week sell-off that had been triggered by adjusted revenue estimates for major AI players like OpenAI. Although some localized fallout remains apparent, such as an Nvidia-backed cloud firm scrapping its public offering plans in Australia, broader investor enthusiasm for corporate tech earnings helped steady the sector on Friday.