Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 28, 2026. Brendan McDermid | Reuters

It came as oil prices fell sharply on reports that the U.K. and Europe were considering a release of strategic fuel reserves. The Trump administration has pressured European allies to "immediately" release diesel supplies. Front-month Brent crude oil futures were last seen 2.2% lower at $100.05 per barrel, after dipping below the $100 mark earlier in the day. U.S. West Texas Intermediate crude oil futures were down by 3.2% to $89.85 a barrel.

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Despite volatility in the markets, Luca Paolini, chief strategist at Pictet Asset Management, said he expects global stocks to "power on" thanks to strong earnings momentum. "After a nine-month rally in equity markets and a recent spike in bond yields, stocks appear expensive relative to fixed income," he said in a Friday morning note. "However, we believe earnings growth remains a more powerful market driver. Companies in the MSCI World index are on track to deliver earnings growth of more than 30% this year, while emerging market firms could see profits rise by over 65%."

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