Finance

The technology-heavy Nasdaq Composite spearheaded market advances and flirted with record highs, logging its third consecutive weekly gain. Positive investor sentiment was heavily supported by the semiconductor industry after Micron Technology reported an explosive eleven-fold surge in quarterly profits. Hardware giant Nvidia also experienced intraday gains, further cementing tech leadership as the broader market transitions into the final quarter of the year.

U.S. government bond yields pulled back sharply after experiencing severe upward volatility earlier in the week. The yield on the benchmark 10-year Treasury note had previously surged to a 24-year high of 5.344% amid lingering inflation anxieties and manufacturing cost pressures. However, the subsequent cooling labor report offered fixed-income markets a reprieve, dragging both 2-year and 10-year yields lower.

Cryptocurrency markets posted a positive start to the month, with Bitcoin advancing to roughly $86,650 and logging its third consecutive week of gains. The upward momentum is backed by strong quarterly inflows into digital asset funds and trader optimism surrounding historically strong performance trends for October. Nonetheless, macro uncertainties regarding the Federal Reserve's late October meeting continue to temper broader market expectations.