Crude oil flows through the Strait of Hormuz have reached a seven-day average of 13.5 million barrels per day, matching prewar levels, according to research from Goldman Sachs, JPMorgan, and Kpler. Despite this recovery in crude exports, diesel prices have surged to record highs at the pump, creating economic strain. U.S.
President Donald Trump is contemplating a ban on diesel exports to alleviate these prices, which indicates ongoing volatility in the energy market. Additionally, the first trading day of the fourth quarter is marked by concerns over elevated Treasury yields, despite a softer inflation reading in the U.S., with the PCE index for August at 3.4%.
Minneapolis Fed President Neel Kashkari emphasized that inflation remains a persistent issue. The market outlook for October appears flat, with lighter trading due to holidays in China and Hong Kong. In the tech sector, Google has introduced its latest AI model, Gemini 4 Argon, while Meta's stock has seen a significant increase, reflecting investor optimism.
Lastly, Commerce Secretary Howard Lutnick disclosed over $250 million in income, primarily from his previous financial ventures, highlighting the intersection of finance and government roles