Top U.S. Stories

  • Trump waives Russia sanctions before they bite. President Trump signed an executive order on Friday waiving the new sanctions and tariffs under the Russia sanctions law he signed in September, including tariffs on top buyers of Russian crude. Ukraine’s Zelenskyy urged support for the sanctions. Why it matters: The White House is prioritizing lower fuel prices ahead of the midterms, even at the cost of friction with Kyiv and Europe.
  • Oil tops $100. WTI crude settled at $101.41 a barrel on Friday, up about 10% on the week, while Brent closed at $109.86, its highest since May. Why it matters: Higher energy costs feed directly into inflation, raising the odds of a tighter Fed.
  • Hormuz attacks at a wartime high. Attacks on ships near the Strait of Hormuz have reached a record since the war began, even as U.S. Central Command says the waterway remains open.
  • Tech stocks end a rough week. The Nasdaq Composite closed Friday at 26,140.03, down about 4.5% for the week, as worries about debt-funded AI build-outs hit names like CoreWeave. Why it matters: Investors are now testing whether AI spending can be financed if rates move higher.
  • Ilhan Omar’s lawyers seek seized property. Attorneys for the congresswoman demanded the return of items taken in a federal raid on her Washington home, calling the search politically motivated.

Compass Insight

This week, energy set the agenda for both markets and policy. Oil’s 10% surge pushed inflation worries higher, and that pressure fell hardest on heavily indebted AI companies, dragging the Nasdaq down while the more value-heavy Dow eked out a gain. Washington’s response — waiving Russia sanctions to free up fuel supply — shows how much fuel prices now drive policy before the Nov. 3 midterms. In the short term, watch whether oil holds above $100 and how Netflix and Tesla earnings land next week. Over the medium term, the Fed’s Oct. 27–28 meeting and any easing of Hormuz tensions will likely decide whether this is a pause in the AI rally or the start of a deeper reset.

Markets

Markets were closed for the weekend. Friday, Oct. 16 closes: Dow 52,002.41 (+0.67% for the week), S&P 500 7,659.44 (−1.95%), Nasdaq 26,140.03 (−4.48%). Japan’s Nikkei 225 closed at 65,324.29, down 5.4% on the week. USD/JPY stood at 158.02 (ECB reference rate, Oct. 16).

Stocks in Focus

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