Finance

U.S. government bond yields extended their recent upward trajectory, with the 10-year Treasury yield surging toward its highest mark in nearly two decades. The aggressive push higher across the fixed-income curve reflects growing market conviction that stickier energy-driven inflation will prompt the Federal Reserve to implement additional interest rate hikes before the end of the year.

Spot gold prices suffered an intense daily contraction, diving over 3% to reach their lowest levels since early August. The broader metals complex encountered synchronized liquidations, as surging bond yields and a robust U.S. dollar severely diminished the investment appeal of non-yielding assets.

Shares of chipmaking giant Nvidia finished the trading session higher, counterbalancing steep selloffs among other semiconductor and artificial intelligence firms. Investor sentiment was bolstered after the company announced a massive $150 billion increase to its equity buyback program, bringing its total authorized allocation to $235 billion.