Finance

The U.S. bond market experienced highly volatile trading as the benchmark 10-year Treasury yield peaked at an intraday high of 5.344% before sharply retreating to close near 5.23%. Investors began buying safer government debt to exit riskier holdings, providing relief to the equity market. Meanwhile, the short end of the curve saw a more pronounced decline, with the 2-year yield dropping 10 basis points.

West Texas Intermediate crude futures advanced 2.7% to settle at $92.87 a barrel, driven by ongoing market anxieties surrounding the conflict involving the U.S. and Iran. Traders are weighing potential military responses and administrative actions ahead of the upcoming legislative midterms. The persistent elevation in energy prices continues to feed broader macroeconomic worries regarding sticky inflation.

Micron Technology posted exceptional quarterly results, characterized by a quadrupling of its revenue, which pushed its stock up by 3%. AI-focused hardware and software demands continue to insulate select tech firms from broader market pressures. However, other tech participants like Jabil faced steep declines despite robust forward-looking guidance.