Heurist Finance

Brent crude hits five-month high above $111 as AI stocks slide

Decrypt ·
BZ=FNVDA
Brent crude hits five-month high above $111 as AI stocks slide
  • Brent crude rose 2.6% to $111.66 a barrel on Thursday, its highest level in five months, as AI-linked stocks slid.
  • By mid-morning in New York, the Nasdaq was down 1.5% and the S&P 500 had lost 0.8%.
  • Nvidia fell 2.3%, and Asian benchmarks fell with Japan's Nikkei 225 down 2.65% and Hong Kong's Hang Seng down 3.03%.
  • The 10-year Treasury yield stood at 5.03%, up from 3.97% before the Iran war, with the Fed's next rate decision due Oct. 28.
  • Gasoline prices rose 9.1% in September, and core PCE data follows Oct. 29.

Quotes

“Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as the Nasdaq fell 1.5% and the S&P 500 lost 0.8% by mid-morning in New York.”— Decrypt
“investors are “almost certainly” in an AI bubble”— Ken Griffin

Sources