Finance

Crude oil futures experienced a volatile session as market participants balanced intensifying weather and geopolitical risks. West Texas Intermediate and Brent crude futures ticked up slightly after energy companies temporarily suspended over 70% of production in U.S. Gulf waters due to a looming hurricane. Near-term price pressures were partially capped following a White House statement ruling out military action against Iran prior to the upcoming midterm elections.

The telecommunications sector faced sharp downward pressure following a newly unveiled spectrum agreement involving SpaceX. Industry giants felt severe impacts, with T-Mobile plunging 13.3% and AT&T and Verizon sliding 9.8% and 8.7%, respectively. The disruptive market development triggered a wave of selling that contrasted with the broader positive sentiment across the equity markets.

A preliminary consumer sentiment reading revealed a drop in confidence, driven largely by mounting worries regarding the cost of living. Surveyed individuals increased their one-year inflation projections to 4.7%, reflecting ongoing strain from energy costs and economic disruptions. The decline in sentiment was most pronounced among lower-income households, which remain highly vulnerable to fast-rising consumer prices.