Finance

The bond market witnessed significant volatility as the benchmark 10-year US Treasury yield briefly surged to a 24-year high near 5.34%. Long-term 30-year bond yields also climbed to levels not seen in over two decades, driven by strong manufacturing metrics and tight labor data that fueled fears of a hawkish Federal Reserve. Yields eventually fell on the short and long ends of the curve as late-day buyers re-entered the debt market.

The information technology sector provided a crucial buffer for the broader stock market, advancing nearly one percent to break a consecutive multi-day losing streak. The tech rally was largely catalyzed by chipmaker Micron Technology, which reported blockbusting financial results that featured a quadrupling of quarterly revenue. The solid earnings report reassured investors regarding the continued durability of capital expenditures within the semiconductor industry.

West Texas Intermediate futures jumped late in the session to settle above $92 a barrel as the market focused on potential escalations in the conflict involving Iran. Energy traders are closely evaluating the geopolitical risks and monitoring the potential for further military action, which has contributed to ongoing inflation anxieties across global financial markets.