Finance

Technology and artificial intelligence stocks continue to demonstrate exceptional strength, shielding the broader indexes from steeper declines. Tech giant Micron Technology reported blowout quarterly financial results that fueled the AI sector, while Alphabet boosted investor sentiment by rolling out its latest advanced AI model, Gemini 4 Argon. Additionally, power module maker Vicor raised its quarterly outlook, sparking a notable double-digit surge in its share price.

Oil prices jumped more than 2%, with Brent crude trading above $100 per barrel and West Texas Intermediate climbing past $92 per barrel. The commodities rally was driven by a combination of ongoing military tensions in the Middle East and reports that Chinese refiners have suspended fuel product exports outside of Hong Kong and Macau. This supply-side tightening has renewed concerns regarding global energy availability and re-established a heavy geopolitical risk premium in fuel markets.

Trading volume and broader market momentum showed signs of caution as market participants await the release of the September nonfarm payrolls report. Wall Street consensus projects a healthy but moderate addition of roughly 84,000 to 90,000 jobs, representing a notable slowdown from August numbers. The upcoming labor data is expected to be a primary metric for the Federal Reserve as it evaluates whether to execute another interest rate hike before the end of the year.