Finance

Energy market anxieties eased after political announcements signaled a temporary reduction in near-term geopolitical risks, including confirmation that targeted military actions against Iran would be avoided prior to the midterm elections. Simultaneously, a newly unveiled agreement for Russia to supply diesel to global and domestic markets triggered a temporary sanctions waiver from the U.S. Treasury. Consequently, global oil benchmarks hovered near volatile levels, with Brent crude stabilizing slightly above $104 per barrel.

The benchmark 10-year U.S. Treasury yield settled around 5.24% at the end of the week, pulling back slightly from a 24-year high of nearly 5.37% reached just days prior. Despite the minor breather, fixed-income yields remain heavily elevated due to expectations that the Federal Reserve will implement additional interest rate hikes before the end of the year. This dynamic has continued to push the U.S. dollar index upward, marking its fourth consecutive week of gains.

Major traditional wireless carriers experienced heavy losses after Space Exploration Technologies secured 800 MHz cellular spectrum licenses in a direct move to challenge standard mobile operators. Shares of T-Mobile US plunged over 13%, while competitors AT&T and Verizon also faced significant downward pressure. Conversely, infrastructure and tower operators like Crown Castle and American Tower saw notable buying interest.