Finance

Crude oil benchmarks stabilized after the U.S. executive administration indicated that no immediate military actions would be taken against Iran ahead of the midterm elections. Additionally, a newly unveiled trade agreement for Russia to supply diesel to global markets helped West Texas Intermediate ease toward $91 a barrel, though persistent shipping security concerns kept Brent futures elevated above $100.

The 10-year U.S. Treasury yield stabilized around 5.25%, remaining close to its highest level in 24 years. Fixed-income markets continue to experience elevated volatility as investors digest recent Federal Reserve meeting minutes, which signaled that another interest rate increase is likely appropriate before the end of the year.

Major mobile carriers experienced significant selling pressure following news that SpaceX acquired 800 MHz spectrum to support its mobile operations. Shares of T-Mobile plummeted over 13%, dragging down major competitors like AT&T and Verizon, while cellular tower infrastructure stocks conversely gained ground.