Finance

Sovereign debt markets experienced severe volatility as the 10-year U.S. Treasury yield touched 5.344%, reaching its highest point since 2002. Concurrently, the 30-year bond yield scaled to levels not witnessed in 24 years before a late-day reversal cooled the multi-day rout. The sudden pullback in yields lended critical support back to credit-sensitive equities and broader stock indices.

The tech-focused Nasdaq managed to stay positive as major tech firms countered macroeconomic pressures. Semiconductor companies like Micron Technology rallied following strong quarterly earnings forecasts, while Alphabet gained roughly 2% after introducing its newest artificial intelligence model, Gemini 4 Argon. These advances cushioned technology shares against broader market fatigue brought on by soaring bond yields.

Global energy markets saw West Texas Intermediate crude rise above $92 per barrel and Brent crude cross the $100 mark. The latest commodity surge was driven by escalating geopolitical tensions between the U.S. and Iran in the Middle East. Additionally, market availability contracted further following reports that Chinese refiners have suspended fuel product exports outside of Hong Kong and Macau.