All three main equity indexes closed lower on Friday, as the AI trade unwound a little more in the wake of weak guidance from a major chip player. Meanwhile, a much stronger-than-expected nonfarm payrolls report sapped almost all hope for lower interest rates this year.
The front-month West Texas Intermediate crude oil futures contract was down 2.9% to $90.32 per barrel on Friday but rose 3.4% this week. The U.S. and Iran are in a stalemate in the Middle East, and the Strait of Hormuz remains closed, with Saturday marking 100 days since the war began on February 28.
