Brent crude surged 2.6% to $111.66 a barrel, its highest level in five months, as the Nasdaq fell 1.5% and the S&P 500 lost 0.8% by mid-morning in New York. The oil rally coincided with a sharp sell-off in technology stocks: Nvidia dropped 2.3%, CoreWeave 3.8%, Meta 5.8% and Lam Research 7.7%, with the latter guiding profit slightly below analysts’ estimates. In Asia, the Kospi fell 3.52%, the Nikkei 225 dropped 2.65% and the Hang Seng lost 3.03%, while the CSI 300 entered a bear market. The 10-year Treasury yield stood at 5.03%, compared with 3.97% before the war with Iran, and markets priced in roughly a 15% chance of another rate increase at the Federal Reserve’s decision on October 28. Ken Griffin, founder of Citadel, said investors were almost certainly in an AI bubble, without advising them to sell.
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