Finance

Crude oil prices stabilized and experienced minor declines following a statement from President Trump confirming the U.S. would avoid strikes on Iran prior to the upcoming midterm elections. Additionally, a newly disclosed agreement for Russia to supply diesel to global markets helped ease immediate energy supply anxieties. Despite the late-week softening, international benchmark Brent crude remained elevated, tracking well above $100 per barrel due to persistent maritime shipping disruptions around the Strait of Hormuz.

Telecom stocks faced intense selling pressure following reports that SpaceX acquired 800 MHz spectrum to launch a mobile venture. Major carrier networks, including T-Mobile US, AT&T, and Verizon, saw their stock prices plummet significantly in response to the looming satellite-based competition. Conversely, cell tower operators and infrastructure firms notched notable gains as the broader market reacted to the shifting landscape.

The benchmark 10-year Treasury yield fluctuated just under 5.25%, retreating from a historic 24-year peak of nearly 5.37% reached earlier in the week. Yields moved lower alongside temporary stabilization in energy markets and cooling fears regarding immediate Middle East developments. Investors continue to monitor fixed-income metrics carefully, as persistent rate pressures and a strengthening dollar weigh on equity valuations outside of mega-cap tech.