Rout of control
TLT•A global bond selloff pushed key yields to multi-decade highs on Thursday, while the S&P 500 and Nasdaq ended flat after late rallies. Oil rose about 3% and the dollar reached a two-month high.
1. Bond yields climb
The global bond selloff continued, with yields in the United States, Europe and Japan reaching multi-decade highs. Demand at a U.S. seven-year bond auction was described as extremely weak, following nine-year-low demand at the five-year auction a day earlier.
2. Markets mixed
Stocks fell in Asia and Europe, while the Dow dropped 0.3% to a three-month low. The S&P 500 and Nasdaq ended flat; the dollar reached a two-month high, oil rose about 3%, and gold slipped about 1%.
3. Oracle project costs
Oracle declared force majeure on its Project Jupiter AI data center project in New Mexico, citing potential delays in securing power and seeking protection from soaring costs. Oracle has about $140 billion in total debt, and its shares fell to a seven-week low.
