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Oil soared above $107 a barrel on Monday on news President Trump rejected an Iranian peace proposal and expects to resume US strikes after the November midterms – threatening to keep inflation higher for longer.

With Treasury yields climbing to their highest since 2007, the AI infrastructure buildout is about to get even more expensive. JPMorgan Chase estimated in June that $4.1 trillion in AI-related debt will be issued through 2030, as data center companies and others tied to the AI boom race to build up capacity.

Geopolitics initially took center stage this week, as the United Nations General Assembly kicked off and Chinese President Xi Jinping headed to Washington, but these meetings have ended up offering little more than talk. It was in the bond market where we really saw some action.

Hopes for a deal to reopen Hormuz drive Brent crude futures down

The Nasdaq Composite fell 0.8%, the Dow 0.6%, and the S&P 500 0.5% by late Thursday morning. The U.S. and China extended their trade truce by only two months past its Nov. 10 expiration.