Finance

U.S. Treasury yields advanced to their highest levels since 2002, creating a substantial drag on equities. Shorter-term and long-term notes expanded after Federal Reserve officials indicated that multiple additional interest rate hikes may be necessary to suppress inflation. These elevated borrowing costs are forcing investors to reconsider asset allocations ahead of corporate earnings reports.

Crude oil futures surged as renewed escalations and attacks on commercial shipping lanes in the critical Strait of Hormuz rattled energy markets. Prices jumped over 4%, breaching the $105 per barrel milestone and intensifying worries regarding alternative supply logistics. This persistent spike in energy costs is reviving core inflation fears for global markets.

The cryptocurrency market faced significant selling pressure, forcing Bitcoin back under the key $84,000 support level while Ethereum noted steep daily percentage declines. The digital asset downturn follows the release of hawkish September FOMC meeting minutes, which detailed unanimous backing for monetary tightening. This structural shift prompted over $550 million in total crypto liquidations within a 24-hour window.