Sector Update: Tech Stocks Lean Lower Premarket Wednesday

This is the final batch of the 172 million barrels of reserves released by the United States in this round; after this release, the U.S. Strategic Petroleum Reserve will drop to its lowest level since 1982, approaching legal and operational red lines. Meanwhile, the U.S. Secretary of Energy criticized some European countries for releasing far less than expected, urging them to fulfill their commitments. Currently, gasoline and diesel prices in the U.S. remain high, and less than two months remain until the midterm elections. On Tuesday, WTI crude oil futures fell by 3.95%.

Federal Reserve Vice Chair for Supervision, Bowman, warned that AI has a dual impact on the banking industry, serving both as a defensive tool and introducing new emerging risks. She urged banks to strengthen basic cybersecurity measures, including updating asset inventories, deploying multi-factor authentication, and improving vulnerability management. Bowman also stated that regulators will continue to adjust their examination approaches, implementing differentiated supervision for community banks instead of imposing blanket mandatory requirements.