Finance

Geopolitical friction in the Middle East has pushed Brent crude prices well above the $100 mark, closing out the week near $104 per barrel. While crude futures experienced a minor pullback following announcements that immediate military actions would be avoided prior to the midterms, ongoing maritime attacks near the Strait of Hormuz continue to sustain a significant premium on global energy markets.

Fixed-income markets have experienced sustained pressure, pushing yields on the benchmark 10-year Treasury note near 5.24% after touching a 24-year high earlier in the week. Hawkish expectations regarding Federal Reserve interest rates and persistent inflationary metrics continue to keep borrowing costs restrictive as investors look toward upcoming central bank policies.

The telecommunications sector faced intense volatility after SpaceX moved to acquire 800 MHz spectrum to initiate new mobile capabilities. The sudden competitive threat caused major traditional carriers like T-Mobile US to experience steep double-digit percentage declines, sharply impacting broad telecom indices.