Finance

The bond market witnessed heavy volatility as the benchmark 10-year Treasury yield surged to a 24-year high near 5.34%. However, the yields subsequently cooled off following the soft domestic labor report and lighter-than-expected inflation metrics. The quick retracement in yields alleviated pressure on equities, offering a key relief mechanism to help lift indices by the weekend.

Bitcoin climbed back above the $86,000 threshold to open October trading on a positive trajectory, building on a robust 40% gain accrued over the third quarter. The digital asset sector is drawing support from a combination of strong institutional inflows into spot ETFs and fading macroeconomic concerns regarding interest rate hikes. Market participants remain optimistic as historical trends favor cryptocurrency asset valuations during October.

Micron Technology reported an explosive performance for its latest fiscal quarter, generating a massive surge in revenues driven by strong pricing conditions and AI-centric data storage demand. The chipmaker saw its non-GAAP earnings rise over 11-fold year-over-year, which helped bolster confidence in tech sector leadership. Concurrently, broader artificial intelligence optimism sent Nvidia's market capitalization past $5.7 trillion after touching a new all-time high.