Finance

The tech-heavy Nasdaq led market gains, coming close to record territory following a massive surge in AI hardware and chip stocks. Nvidia briefly hit an all-time intraday high, bringing its total market capitalization near the $6 trillion mark. This momentum was supported by Micron Technology, which recently posted explosive fourth-quarter earnings driven by high demand for data center memory.

The 10-year U.S. Treasury yield pulled back to around 5.18% after previously surging to an intraday high of 5.342%, its highest level since 2002. The easing of bond yields provided immediate relief to the equity markets, reversing early losses across major benchmarks. Investors continue to monitor borrowing costs closely as they remain elevated entering the final quarter of the year.

Bitcoin prices surged over the last few days, trading above $86,000 as capital inflows ahead of the monthly jobs data boosted the broader cryptocurrency asset class. The digital currency has gained over 43% during the past 90 days, though it remains below its valuation from one year ago. Traders are highly focused on the upcoming Federal Reserve meeting on October 27-28 to determine whether the asset can maintain its upward trajectory.