Finance

Global bond markets faced a fresh round of selling, driving the benchmark 10-year Treasury note yield up to 5.33%, a level not seen since 2002. Yields surged across the board following hawkish guidance from Federal Reserve Governor Christopher Waller, who signaled that further interest rate hikes may be necessary to curb entrenched inflation.

Profit-taking hit the artificial intelligence and chipmaking sectors during recent sessions, dragging tech indices down from their prior record closes. Even an unprecedented profit report from heavyweights like Samsung Electronics failed to sustain investor risk appetite amid broader macroeconomic headwinds.

Shares of Levi Strauss slipped in extended trading after the denim retailer trimmed its revenue growth forecasts for the full year. Despite the top-line reduction, the clothing manufacturer managed to raise its profit outlook, highlighting a complex consumer spending environment as corporate earnings season approaches.