What’s News in Markets: Refiners Cash In, AI Stocks Wobble, Homebuilder Blues

Record index highs conceal narrow leadership as rising yields, an FTC probe, and AI-spending doubts pressure equipment, chip, and housing stocks.

• Markets at a high, breadth weak: S&P and Nasdaq hit new closing highs (S&P +1.2%, Nasdaq +0.6%, Dow +0.9% for the week), but most industry groups have lost ground since August as the 10-year Treasury yield hit a two-decade-plus high.
• Refiners record profits: Brent crude rose 2.4% to $104.72/barrel while refined fuel prices rose faster amid supply disruptions in Russia/Middle East, widening crack spreads; Valero (+6.5%), Marathon and Phillips 66 (+7.4%/+5% range) set to post record Q3 profits.

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