Finance

Government bond yields jumped across the curve after the Labor Department's consumer price index release. Short-term yields, which are highly sensitive to Federal Reserve policy moves, spiked near their yearly highs as futures markets rapidly increased the implied probability of an interest rate hike later this month.

Beneficiaries of the artificial intelligence boom faced a steep selloff for the second consecutive session. Tech giants and chip manufacturers experienced deep losses as market participants weighed how prolonged higher borrowing costs and component shortages will impact the increasingly expensive buildout of digital infrastructure.

Third-quarter bank results created diverging paths on Wall Street amid evolving credit risks and cautious corporate guidance. Bank of America shares plunged following a steep regulatory fine that weighed heavily on its bottom line, whereas BlackRock recorded positive momentum, pushing its total assets under management past a historic $15 trillion milestone.