Finance

Fixed-income trading was halted on Monday in observance of Columbus Day and Indigenous Peoples' Day. Ahead of the closure, global financial conditions remained tightly squeezed as the benchmark 10-year Treasury yield hovered near 5.24%, holding close to multi-decade highs. Market participants continue to monitor the long end of the yield curve, which has been elevated by federal deficit spending, structural capital demands for artificial intelligence, and ongoing macroeconomic pressures.

Cryptocurrencies faced persistent headwinds on Monday, challenging the historical 'Uptober' upward trend. Bitcoin slid down toward $83,400, reflecting a drop from its late September levels as market sentiment softened. Digital assets have been weighed down by substantial weekly outflows from spot institutional funds alongside broader geopolitical uncertainties.

Market participants are heavily focused on the impending release of the September Consumer Price Index report on Wednesday, which will serve as a vital signal for upcoming Federal Reserve monetary policy choices. Concurrently, the third-quarter corporate earnings season is set to accelerate significantly. Major financial players, including JPMorgan Chase, Goldman Sachs, and Bank of America, are prepared to post their latest financial results over the coming days.