Quick Read
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A tech rout triggered one of the biggest bond rallies in years, dropping the 10-year Treasury yield 10 basis points to 5.09%.
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Crypto suffered a $1 billion liquidation wave as hot PPI data and an AI tech rout sparked panic selling, sending Bitcoin to $82,587.
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Fox Corporation scored a double upgrade at Bank of America, with its price target jumping 57% from $54 to $85.
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Pre-Market Stock Futures:
Futures are mixed as we close out the first big week of third-quarter results, with some indices heading toward a losing week. Thursday’s stunning reversal in the debt markets, as semiconductor and other tech stocks got slaughtered, was truly memorable. Short covering and a flight to safety fueled one of the biggest one-day bond rallies in years.
At the close, all major indices finished higher, with the small-cap Russell 2000 leading at 2,767, up 1.38%; the Dow Jones Industrials were right behind at 52,178, up 1.08%. The S&P 500 was last seen at 7.744 up 0.33%, while the Nasdaq, which was down big at one point during the day, finished positive, up 0.08% at 26,713. Coincidentally, BTIG reported that the S&P 500’s streak of consecutive days without a decline of at least 1% ended Wednesday at 53. It was the longest since 2020.
Treasury Bonds:
A week can make a difference: with demand for safe-haven trades and massive futures short covering, bonds had one of their biggest days in some time. The 30-year bond finished the session with one of the biggest yield drops since November 2024, closing at 5.43% (down 9 basis points), while the benchmark 10-year note posted the largest one-day rally and yield decline since August 1, 2025, and last traded at 5.09% (down 10 basis points).
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Oil and Gas:
Prices were mixed across the energy complex, but the big news was a massive Ukraine strike on a major Russian oil refinery, which once again put a damper on the oil ceasefire. By the close, Brent Crude fell 0.25% to $105.80, while West Texas Intermediate jumped back toward $100, finishing at $97.58, up 2.62%. Natural gas had another solid day, closing at $3.24, up 1.16%.
