Finance

The fixed-income market experienced intense volatility as the benchmark 10-year U.S. Treasury yield surged past 5.3% early in the day, its highest point since 2002. Yields subsequently retreated to close around 5.23%, bringing much-needed relief to equity investors. At the same time, the 30-year long-term bond yield spiked to 5.64% before pulling back alongside shorter-term notes.

Technology equities demonstrated resilience as blowout quarterly results from semiconductor giant Micron Technology acted as a major tailwind for the sector. The memory-chip producer reported explosive revenue growth that buoyed underlying sentiment across the artificial intelligence complex. This strong corporate performance allowed growth stocks to advance even amidst severe pressure from the broader macro-bond selloff.

Energy commodities pushed higher as traders reacted to ongoing geopolitical friction in the Middle East and stalled diplomatic negotiations. Brent crude futures advanced to push past the $100 per barrel mark, while West Texas Intermediate also saw positive gains. These elevated energy costs have kept market participants on edge regarding potential renewed inflationary pressures.