U.S. Bond Yields Spike as Oil Tops $100
U.S. equity markets are retreating as 10-Year Treasury yields hit multiyear highs above 4.9% and oil prices sustain levels over $100. New PPI data has intensified inflation concerns, driving the odds of a September rate hike to 70% and triggering a sharp selloff in high-beta semiconductor stocks like Intel and Micron.
According to GN auto markets/indices: stock index, mid-session data shows the S&P 500 down 0.58% and the Nasdaq down 0.61%, with Intel and Micron leading the slide as both drop roughly 5%. The market is reacting to hotter-than-expected PPI data that has pushed the probability of a September Fed rate hike to 70%, while Apple’s 3% gain on its new foldable iPhone launch has failed to offset the broader tech weakness.
Source: GN auto markets/indices: stock indexThe 10-Year Treasury yield surged to 4.912% despite a federal bond buyback initiative, compounding pre-market equity losses driven by crude oil prices exceeding $100.
Source: GN auto markets/bonds: bond yields
