Finance

The 10-year U.S. Treasury yield experienced stark volatility, jumping to an intraday high of 5.342%, which marks its highest level since 2002. Although yields ultimately retreated later in the session to provide relief to equities, global sovereign debt markets faced severe selling pressure, dragging down overseas indexes earlier in the day.

Technology stocks outperformed the broader market, largely buoyed by exceptional quarterly financial results from memory chipmaker Micron Technology. The company reported a massive surge in revenue driven by robust demand for artificial intelligence infrastructure, lifting the entire semiconductor industry and helping the Nasdaq maintain positive momentum.

West Texas Intermediate and Brent crude futures climbed significantly, with Brent briefly touching the $100 per barrel threshold. The surge follows an unexpected announcement that Chinese refiners have suspended fuel product exports for the month of October. Ongoing geopolitical deadlocks in the Middle East have further exacerbated supply worries and heightened energy inflation anxieties.