Bonds fend off bears; Micron results boost tech stocks
TLT•The U.S. 10-year Treasury yield briefly reached 5.34%, its highest since 2002, while Micron's long-term supply commitments rose to $32 billion from $22 billion in June, supporting tech shares.
1. Yields remain elevated
The U.S. 10-year Treasury yield briefly rose to 5.34% before easing to 5.27%. It gained 87 basis points in the third quarter, its biggest quarterly rise since 1994. Britain’s 30-year yield moved above 6% for the first time since early 1998, while France’s 10-year yield briefly reached 4.96%.
2. Micron supports tech shares
Micron earnings signalled strong demand for AI memory chips, with financial commitments under long-term supply agreements at $32 billion, up from $22 billion in June. European shares recovered some early losses, and U.S. share futures held steady.
