Stocks sagged as concern about the artificial intelligence trade met a run-up in crude, and money shifted into Treasuries. Yields fell quickly in that safety bid, and remember this basics note: when bond prices climb, yields drop.
The 10-year Treasury - a key marker for mortgages, auto loans and credit cards - fell 15 basis points to 4.996%, dipping under 5% for the first time since Sept. 23. The 2-year, more sensitive to near-term Fed decisions, eased 14 basis points to 4.69%, and the 30-year fell by 10 basis points, reaching 5.32%. A basis point equals 0.01 percentage point.
Crude pushed higher, with West Texas Intermediate up more than 2% to trade above $99 early, and Brent - the global benchmark - gaining more than 2% to top $111.
Sentiment cooled as CNBC aired remarks from Nvidia CEO Jensen Huang, who said demand for neoclouds is "off the charts," and added that capital remains in short supply. Escalating tensions in the Middle East also weighed, and the New York Times reported, citing unnamed U.S. officials, that Washington and Israel are weighing a restart of strikes on Iran in a "short but intensive" operation after next month's midterms elections.
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A data readout showed the U.S. 10 Year Treasury at 4.967%, down 0.179. Other entries: U.S. 1 Month at 3.962% (-0.021), U.S. 1 Year at 4.361% (-0.138), U.S. 2 Year at 4.646% (-0.177), U.S. 30 Year at 5.304% (-0.133), U.S. 3 Month at 4.128% (-0.041), and U.S. 6 Month at 4.279% (-0.088).
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