Finance

Major equity indices slid as escalating oil costs triggered broad-based concern over near-term inflation and subsequent monetary policy tightening. The tech-concentrated Nasdaq and broader S&P 500 both gave back gains, weighed down by growing consensus that the Federal Reserve will raise rates at its upcoming October session.

The fixed-income market experienced a deepening selloff as government bond yields pressed to notable cycle peaks. Strong macroeconomic data in recent weeks paired with renewed geopolitical strains drove the 10-year Treasury yield past 5.2%, creating strict headwinds for equity asset classes.

Precious metals crashed sharply, with international spot gold shedding more than 2% to 3% to settle at its lowest valuation since early August. The safe-haven metal lost its appeal due to a strengthening U.S. dollar, climbing bond yields, and an elevated opportunity cost driven by expectations of a higher-for-longer Federal Reserve interest rate framework.