Finance

The 10-year U.S. Treasury yield surged to a 24-year high of 5.34% during intraday trading before pulling back slightly to settle near 5.24%. At the same time, the long-term 30-year note climbed to 5.66%, continuing a multi-day streak of gains that has heavily pressured corporate valuations. Rising yields are being fueled by expectations of further Federal Reserve rate hikes extending into the coming year.

Global energy markets tightened significantly as international benchmark Brent crude futures settled up over 4% to surpass $102 a barrel. Prices escalated rapidly following reports that the United States is deploying a third aircraft carrier to the Middle East alongside a suspension of fuel product exports by Chinese refiners. The jump in crude helped make energy the top-performing sector in the broader equity market.

Semiconductor and memory stocks experienced a late-afternoon surge, led by a massive quarterly performance from Micron Technology. Strong financial forecasts from corporate technology peers, such as Accenture, further solidified positive investor sentiment toward high-tech software and services. These robust earnings projections helped insulate tech shares from the headwinds caused by volatile bond yields.