Stocks Bounce from Euro Session Lows, Cyber Stocks Rocket
Wall Street fell Monday as the heads of Anthropic, OpenAI and xAI called for slowing frontier AI development, hammering the PHLX chip index 5.9% and sending Nvidia down 3.4%. The US 10-year Treasury yield breached 5% for the first time since October 2023 with a Fed rate hike now priced at 92% for Wednesday. Brent crude spiked to $109.74 before settling at $105.68 as Saudi pipeline shutdowns and Hormuz shipping disruptions kept supply fears elevated.