On Friday, oil prices jumped to four-month highs as supply concerns resurfaced, while U.S. nonfarm payrolls came in below forecasts, reigniting fears of higher inflation and potential Fed rate hikes. The combination of rising energy costs and softer employment data amplified macroeconomic uncertainty and weighed on financial markets.

Morgan Stanley shares slipped in line with other big consumer banks amid the sector-wide sell-off, as investors assessed the pressure of higher funding costs on lending margins. Small fintech firms also booked losses, underscoring concerns that tougher monetary policy and elevated energy prices could dampen consumer spending and credit growth.