Tech stocks lost more than $1 trillion in value on Friday as oil prices climbed to their highest since May, with the Nasdaq 100 down 2.5% and about 7% below its recent all-time high. Brent crude briefly topped $110 per barrel, while U.S. crude closed at $101.41, the first close above $100 since September. Diesel prices rose faster than gasoline as Ukrainian attacks knocked out much of Russia's refining capacity, while U.S. and European refineries are already running near maximum output. The article says higher energy prices raise the chance the Federal Reserve raises rates again this year, and that diesel costs are a key inflation issue for President Trump before the Nov. 3 midterm elections. A bill to block a U.S.-Russia diesel deal was introduced but has little chance in the Republican-controlled House, and Wells Fargo analyst Mason Mendez expects inventory rebuilding to keep energy prices elevated into 2027.
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- Oil surges to $110 per barrel for the first time since May
Tech stocks lost more than $1 trillion in value on Friday as oil hit a five-month high, with the Nasdaq 100 down 2.5% and about 7% below the record it set only last week, while the Philadelphia semiconductor index fell 3.8% for its eighth straight daily loss, the longest such streak since 2008. Brent crude topped $110 a barrel intraday and closed the week at $109.86, its highest close since May 19, while U.S. crude jumped 3.5% to $101.41, the first time WTI crossed $100 since September. Energy prices have climbed since late February, when the U.S. and Israel attacked Iran and the Strait of Hormuz closed, and a Russia-Ukraine escalation has hit Russian refining capacity, pushing diesel prices up even faster than gasoline. President Donald Trump is focused on diesel costs ahead of the Nov. 3 midterms, but his Russian diesel deal has yet to show any actual barrels reaching the global market, and a bill to block it has little chance in the Republican-controlled House. Investors also questioned when massive AI spending would pay off, as CoreWeave and Nebuius were the Nasdaq 100's worst performers that day, and a day earlier analyst Ed Yardeni cut his year-end S&P 500 target to 7,900 fro
- Brent Crude Oil Touches $110 Per Barrel
Brent crude futures briefly hit almost $110 a barrel on Friday, the first time since May, amid ongoing Middle East tensions and concerns over Russian supply. They closed around $109.69, up more than 3.5% from Thursday, and have risen over 50% since just before the U.S.–Iran war broke out. ING analysts said the market is pricing in a significant risk premium, which would only be fully removed by some kind of U.S.–Iran agreement. Ships were struck in the Strait of Hormuz on Oct. 11 and Oct. 13, with one container ship sinking. The U.S. average gasoline price reached $4.30 a gallon, up from $3.05 a year earlier, while diesel rose from $3.45 in January to $6.17 as of Oct. 12, prompting the Energy Department to launch an emergency exchange to limit fuel supply disruptions.
- Oil Just Hit $100 a Barrel . What Happened to Bitcoin the Last Time Oil Prices Hit Three Digits ?
U.S. crude hit $102 a barrel on Oct. 14, its highest since mid-September, and Brent rose above $106, driven by Iran's attacks near the Strait of Hormuz and Ukraine's strikes on Russian refineries. The article recalls that in September Bitcoin fell 7% to $75,584 on Sept. 15 as WTI peaked, then rallied as oil cooled, reaching an intraday high of $87,397 on Sept. 21. Bitcoin was trading at $81,497 at the time of writing, down 1.5% over the week but up 6.8% over the past month. It explains that high oil prices can fuel inflation and reduce risk appetite, often dragging Bitcoin lower alongside tech stocks, though some investors view Bitcoin as an inflation hedge. The article suggests watching whether Bitcoin holds its $76,349 support level while oil stays above $100.
- Philippine peso sinks past P63 per dollar for first time
The Philippine peso closed at P63.06 per US dollar on Thursday, falling 19 centavos and breaching the P63 level for the first time, with an intraday record low of P63.15. The move followed hot US inflation data that reinforced expectations the Federal Reserve will keep rates higher for longer, alongside high US Treasury yields and elevated crude oil prices. Gross international reserves fell 8.3% to $99.997 billion in the nine months to September, the lowest in three years and the seventh straight monthly annual decline. BSP Governor Eli Remolona said the central bank does not defend the peso at a specific level and intervenes only to smooth inflationary swings, and the BSP has raised its key rate by 75 bps since April to 5%, with its next meeting on Oct. 22. Analysts expect the peso to stay volatile and tilted to the weaker side in the near term.
- IMF Borrower Pakistan to Chair IMF and World Bank Boards for First Time Since 1953
Pakistan is awaiting IMF Executive Board approval for about $1.2 billion in new financing: roughly $1 billion from its $7 billion Extended Fund Facility and $210 million from its $1.4 billion Resilience and Sustainability Facility, which would bring total disbursements under the two to about $5.7 billion. Real GDP grew 4% in the first three quarters of FY2026 (3.6% estimated for the full year), inflation eased to about 10.3% in September from its May peak, and reserves reached around $21 billion at end-September. Still, geopolitical tensions, volatile energy prices and tighter global financial conditions threaten the recovery, and Pakistan remains heavily reliant on external lenders, while the World Bank considers its growth model unsustainable. Pakistan will chair the Boards of Governors of the IMF and World Bank Group in 2027, the first time since 1953, a post with diplomatic weight but no control over lending decisions.
- Pakistan to chair World Bank , IMF boards in 2027 for first time since 1953
Pakistan's Federal Minister for Economic Affairs, Ahad Khan Cheema, has been formally named incoming chair of the Boards of Governors of the World Bank Group and the IMF for 2027, the first time Pakistan has held the role since 1953. The announcement was made at the plenary session of the 2026 Annual Meetings in Bangkok. Cheema received a briefing on the chair's responsibilities and met outgoing chair Carlos Carvallo Spalding, governor of the Central Bank of Paraguay, to discuss priorities for the year ahead. He stressed strengthening the voice of developing countries, predictable development financing, coordination among multilateral institutions and mobilizing private capital.
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- CoreWeave Dropped 20% Last Week. Is It Time to Panic or Buy?
CoreWeave shares fell more than 20% as of Oct. 16, driven mainly by concerns over debt and spending. The company carries about $35 billion in total debt against $5.5 billion in cash, with net interest payments reaching $640 million in the second quarter alone, unsecured bond yields approaching 15%, and an S&P rating of B+. Capital expenditure was just over $16 billion in the first half of 2026 and could reach $39 billion for the year, roughly triple its $12.4 to $13.2 billion revenue guidance. States are also weighing restrictions on data centers. On the positive side, second-quarter revenue rose 112% year over year and the backlog exceeded $104 billion. The author has reservations and sees the drop as an opportunity only for the most risk-tolerant investors, who might build a position slowly, while the company needs to prove it can convert its backlog efficiently and manage debt.
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- Why Sandisk Stock Shot Higher Today
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