Finance

Treasury yields climbed to multidecade highs during Wednesday's trading session before paring some of their gains later in the day. The yield on the 10-year Treasury note temporarily peaked at 5.361%, and the 30-year yield touched levels not seen in 24 years. This massive bond market movement followed a highly anticipated $39 billion auction of 10-year notes, which attracted significant buyer interest due to the elevated rates.

International benchmark Brent crude oil futures climbed past $101 a barrel on Wednesday following renewed geopolitical friction in the Middle East. Continued Houthi rebel attacks targeting Saudi Arabian energy infrastructure have renewed concerns over global supply disruptions. This geopolitical pressure has kept commodity prices high despite a broader recovery in physical oil supplies.

The total crypto market capitalization slid 3% to $2.85 trillion on Wednesday, wiping out roughly $88 billion in nominal value. Bitcoin slipped below the $84,000 threshold, while Ethereum experienced sharper declines due to shifting asset allocations. Higher oil prices and surging traditional bond yields triggered over half a billion dollars in sudden market liquidations.