Finance

Government bond rates pushed to fresh cycle highs across the curve, with the 10-year Treasury note yielding over 5.2%. Strong macroeconomic data alongside worries of energy-driven inflation have increased market expectations for further Federal Reserve interest rate hikes before the end of the year.

Spot gold futures dropped by over 2% to slide past $4,190 per ounce, tracking their steepest single-day decline in nearly a month. The non-yielding metal has faced heavy selling pressure as a stronger U.S. dollar and escalating bond yields raise the opportunity cost for precious metal investors.

Shares of chip giant Nvidia bucked the downward market trend after announcing a massive new $150 billion stock repurchase plan alongside the launch of an artificial intelligence safety platform. Meanwhile, tech investors are tuning in to major upcoming catalysts this week, including OpenAI's annual developer day and Micron's quarterly earnings statement, to gauge the ongoing momentum of the sector.