Finance

The fixed income market experienced severe volatility, with the benchmark 10-year Treasury note yield climbing to 5.36% and the 30-year bond yield hitting 5.73%, matching levels not seen since 2002. Yields ultimately backed off their absolute peaks later in the session, aided by a well-received $39 billion 10-year note auction.

Market participants closely analyzed the minutes from the Federal Reserve's September monetary policy meeting to gauge central bank sentiment. Traders are hunting for signals regarding the likelihood of future interest rate hikes later this month, especially as recent widening in the domestic trade deficit points to persistent inflationary pressures.

Global energy markets remained elevated, with Brent crude futures trading close to $102 per barrel. Ongoing security threats and shipping attacks by Yemen's Houthi rebels have sustained supply apprehensions, adding a layer of commodity-driven inflation anxiety to broader equity markets.