Finance

West Texas Intermediate and Brent crude futures surged after diplomatic negotiations failed to secure an end to the U.S.-Iran conflict. Front-month crude contracts jumped more than 3% as investors priced in a longer disruption to vital energy shipping lanes. The continued appreciation of energy costs has rekindled broader fears of sticky, long-term inflation across global markets.

Nvidia bucked a broader downtrend in technology equities after announcing a fresh $150 billion share repurchase authorization. This capital return plan takes the semiconductor manufacturer's total remaining buyback capacity to $235 billion through fiscal 2028. The move provided relief on a session when other high-profile tech peers, including Advanced Micro Devices, Micron, and Meta, slid because of macroeconomic headwinds and tighter monetary expectations.

U.S. stock indices tumbled as market participants grew increasingly anxious over a 'higher-for-longer' interest rate environment following a recent 25 basis point hike by the central bank. Hawkish messaging from Fed officials suggested further tightening remains on the table if incoming data shows persistent core inflation. Investors are closely monitoring the upcoming release of the Personal Consumption Expenditures price index and September nonfarm payroll data for clues on the next policy move.