Global Bond Sell-off Deepens
Global yields higher at the start of Q4.
US 10-year yield topped 5.3%, highest since 2002,
German hit a 17-year high of 3.65%
Japanese returned to 30-year highs of 3.1%.
U.S. Treasury yields moved higher across the curve.
2-year rose 1.2 basis points to 4.92%,
10-year climbed 4.4 basis points to 5.34%.
30-year increased 4 basis points to 5.67%
The dollar index extended gains for a fourth consecutive session, starting Q4 on a firm footing and trading above 101.8, its highest level since April 2025. The index also extended its 2% advance in September,
US stock futures higher
S&P 500 futures up 0.4%,
Nasdaq 100 gaining 0.9%
Dow Jones up +0.1%
The AI boom continued to support the broader market despite higher Treasury yields and a renewed rise in oil prices.
Chipmakers provided additional support following an upbeat forecast from Micron, whose shares were up 0.2% in premarket trading. Alphabet also rose 2.2% after beginning to roll out its latest AI model. Among other megacap technology stocks, Nvidia (0.9%), Microsoft (0.7%), Amazon (1%), Broadcom (0.9%), Meta (0.3%) and Tesla (0.5%) were higher before the opening bell,
Apple fell 0.4%. Nike shares edged 0.3% lower ahead of the company’s earnings report, due after the opening bell.
Crude Oil higher
WTI 92.186 1.766 1.95%
Brent 100.477 2.447 2.50%
Gasoline 3.3021 0.0416 1.28%
Heating Oil 4.6320 0.0561 -1.20%
Natural gas 2.9611 0.0649 -2.14%
Gold 4172.35 14.55 0.35%
Silver 60.808 0.401 0.66%
Copper 6.4922 0.0668 -1.02%
Top gainers in the S&P 500
Constellation Energy (CEG) +2.83%, Corteva (CTVA) +2.69%, and Becton, Dickinson (BDX) +2.60%.
Decliners included Hubbell (HUBB) -1.65%, Erie Indemnity (ERIE) -1.34%, and Ventas (VTR) -1.25%.