Micron Technology reported fiscal 2026 third-quarter revenue of $41.46 billion, up 345.7% year over year, and non-GAAP EPS of $25.11, both well above market expectations. The company lifted its fiscal Q4 outlook to about $50 billion in revenue and roughly 86% gross margin. It also cited roughly $100 billion in cumulative minimum-price commitments in long-term orders, signaling a worsening HBM shortage. Despite the strong results and outlook, the stock fell 4.9% on the day.

Chevron CEO Mike Wirth said crude oil buffers that had helped prevent prices from rising during the Iran war have been exhausted, leaving room for the conflict to lift prices further in the coming months. Brent crude futures were on track for an 8% weekly gain. Wirth also said Chevron’s $7 billion Venezuela expansion will be funded entirely by cash from its local joint ventures, targeting output of about 600,000 barrels per day by 2031.

U.S. inflation accelerated in August after a surge in gasoline prices, while core CPI rose 0.3% month over month, the biggest increase since April. Diesel prices hit record highs, raising transportation costs. Markets are pricing in a more than 80% chance of a Federal Reserve rate hike, and the 10-year Treasury yield climbed to a nearly three-year high.

The Dow Jones Industrial Average jumped on Friday after an unexpected CPI inflation report. The data showed inflation cooling more than expected, easing worries about further Federal Reserve rate hikes and lifting broader market sentiment. Nvidia rebounded early, while Apple rose and moved closer to an all-time high.

The dollar strengthened against the Swiss franc on Friday after U.S. inflation data reinforced expectations of a Federal Reserve rate hike next week. Gains in the greenback were capped as rising Middle East tensions pushed oil prices higher. U.S. Treasury yields hovered near multiyear highs, while the yen advanced sharply on speculation the Bank of Japan could raise interest rates.

U.S. stocks rebounded on Friday, with the Dow up 390 points while the Nasdaq and S&P 500 rose 1% and 0.9%, respectively, putting the S&P 500 on track to end a four-day losing streak. Oil prices pulled back, easing inflation concerns, as Brent crude fell 3% to $104.42. U.S. consumer prices rose 3.4% from a year earlier in March, in line with expectations, helping calm nerves about further Federal Reserve rate increases.

U.S. core inflation rose more than expected, indicating the disinflation process stalled. After the data, federal funds futures nearly fully priced in a Federal Reserve rate hike next week and suggested a high likelihood of a second increase before year-end. The report said persistent pressures from the Iran war, tariff policy and the data-centre buildout left inflation with little meaningful progress toward the Fed’s target.

U.S. consumer inflation rose 0.4% month-on-month in August, pushing market expectations for a Federal Reserve rate hike higher. The implied probability climbed to 85% from 67%, adding pressure on global equities and lifting bond yields. Brent crude fell 3.3% to $104.04 a barrel, but was still up more than 8% for the week as Middle East tensions supported prices.