Finance

Energy and stock markets found relief after President Trump stated that the U.S. does not intend to launch military strikes against Iran prior to the upcoming midterm elections. Crude futures stabilized slightly following the comments and a newly disclosed diesel supply arrangement with Russia, though prices remained elevated. West Texas Intermediate settled near $91.20 per barrel while Brent crude hovered above $104 per barrel amid ongoing security threats near the Strait of Hormuz.

Tech-focused equities experienced a late-week rebound, recovering from a steep sell-off triggered by reports that OpenAI's annualized revenue fell short of previous expectations. The initial financial disclosure had caused a sharp drop in chipmakers and AI infrastructure stocks like Nvidia, Advanced Micro Devices, and Oracle. Although some downstream disruption remained visible—such as an Nvidia-backed cloud startup canceling its planned IPO in Australia—broader technology stocks managed to shake off the growth anxieties to end higher.

Long-term U.S. government bond yields edged down from their highest levels in 24 years, providing some breathing room for equity markets. The 10-year Treasury yield finished below 5.25%, down from a peak of nearly 5.37% hit earlier in the week following strong economic data and a robust note auction. Bond trading will pause for the Columbus Day holiday while equity exchanges remain open.