The 10-year Treasury yield touched its highest level since 2002 before a sharp reversal rescued equities, while oil surged on fresh US troop deployments and China’s fuel-export ban. Russia’s nuclear warning over Kaliningrad and Nvidia’s financing headaches added to a volatile session. The S&P 500 eked out a 0.2% gain as Fed Vice Chair Jefferson signalled patience on hikes.
Cooler-than-expected US inflation data slashed October rate hike odds, but a vicious late-session selloff left the Dow down 0.9% and the S&P 500 off 0.25% as long-dated Treasury yields held near multi-decade highs. Micron’s blowout earnings after the bell lit up the AI trade.
Trump met with AI leaders overnight and renamed AI to “Super Intelligence” — plus they’ll self-regulate. We unpack why that changes nothing. Bond yields hit levels not seen since 2002 (30-year at 5.62%), US consumer confidence collapsed to a 12½-year low, and the RBA hiked to 4.60%. Gold and silver copped a massive sell-off. Phil runs through technical setups on Pro Medicus and 40X. Plus: Micron earnings tomorrow, Aussie CPI today, and US PCE and payrolls on Friday.