WTI crude settled at $101.41 on Friday, up 3.51% and its highest close since September 17. The benchmark gained 10.4% on the week, extending the energy rally that pushed September's CPI past consensus.
October rate-hike odds on CME FedWatch fell to about 15% by Friday's close, down from more than 50% after Wednesday's CPI report.
The Philadelphia Semiconductor Index fell 3.83% on Friday, its eighth consecutive decline and the longest such streak since October 2008. It has shed about 16% since October 6, with all 30 members finishing lower Friday.
Broadcom, Micron, AMD and Intel each dropped between 4.5% and 6%, and Arm lost roughly 7%. The selling traces to energy-driven rate repricing that followed crude's move past $100, and Monday's calendar carries no chip earnings to test whether demand holds.
The S&P 500 fell 1.09% to 7,659.44 on Friday, its second decline of more than 1% this week. Wednesday's drop snapped the longest such streak in more than six years.
Technology dropped 3%, pulling the Nasdaq to a 4.48% weekly loss, its worst since June. The VIX closed at 19.99, up 21.45%, its highest since July 29, with the FOMC blackout running through the October 28 decision.
The 10-year Treasury yield closed Friday at 5.098% steady after falling more than 10 basis points the session before. CNBC attributed that decline to investors rotating from technology into bonds, the same repricing behind the chip rout.
Chair Warsh, speaking at an IMF event in Bangkok, declined to pre-judge the October meeting. December hike odds remain near 89%, keeping the October 28 decision in focus with October odds near 15%.
Brent crude touched $110 on Friday and settled at $109.86, its highest close since May 19. U.S. crude inventories fell 8.6 million barrels in the week ended October 9, tightening the supply behind both benchmarks' rally.
Gold settled at $4,181.10, up 0.26%, as the dollar eased to 101.78. Gold's flat finish suggests the metal is pricing the rate path, not the commodity rally, ahead of the October 28 meeting.
Cleveland-Cliffs and Fifth Third report before Monday's open, with Steel Dynamics and Western Alliance after the close. The FOMC blackout holds Fed speakers off the calendar, and housing starts land Tuesday at 8:30 a.m. ET, consensus at 1.30 million.
The NAHB Housing Market Index lands at 10:00 a.m. ET, with consensus at 31 versus September's 32. A print below 30 would test whether mortgage rates near 7.4% per Freddie Mac have begun to stall construction.
