Finance

The benchmark U.S. 10-year Treasury yield fluctuated just under its highest level since 2002, briefly touching 5.34% during intraday trading. Long-term borrowing costs have advanced rapidly on fears of sticky service sector inflation and revised expectations for aggressive monetary policy. Fixed-income investors are exhibiting caution and adjusting positions ahead of the highly anticipated nonfarm payrolls report.

West Texas Intermediate crude contracts pushed higher to roughly $91 per barrel, while international benchmark Brent crude crossed back above the $100 threshold. The upswing follows a sudden suspension of fuel exports from China for the month of October. This global energy supply constraint threatens to inject renewed inflationary pressures into manufacturing and consumer markets.

Technology and semiconductor shares found strong single-stock tailwinds following stellar financial results from memory manufacturer Micron Technology, which forecast long-term supply constraints. Simultaneously, Alphabet shares gained ground after the technology giant launched its latest artificial intelligence model, Gemini 4 Argon. These optimistic developments provided a stark contrast to broader retail segments like Nike, which hovered near multi-year lows prior to its earnings report.