Finance

Crude oil prices ticked down slightly after volatile trading earlier in the week following key geopolitical updates. An announcement that the U.S. would not engage in military strikes against Iran prior to the upcoming midterm elections, combined with a newly unveiled diesel supply agreement with Russia, helped soothe energy supply concerns.

The 10-year U.S. Treasury yield stabilized near 5.24% after touching a 24-year high of nearly 5.37% earlier in the week. Bond investors remain cautious as persistent inflation pressures and anticipated Federal Reserve interest rate increases keep borrowing costs elevated just as major Wall Street banks prepare to kick off third-quarter corporate earnings.

The telecommunications sector experienced significant turbulence following news that SpaceX acquired 800 MHz spectrum to initiate a mobile venture. Major wireless carriers including T-Mobile, AT&T, and Verizon saw their stock prices plummet on concerns over heightened competition in the mobile infrastructure market.