U.S. Treasury yields fell in October, with the 10-year yield down 36 basis points for its biggest monthly decline since December 2023. It closed Friday at 4.925%, down 6.4 basis points on the day, as technology-stock losses pushed investors toward bonds.
The 10-year Treasury yield was down 36 basis points for October, its biggest monthly decline since December 2023, and fell for a fourth straight week. The 30-year yield was also set for its largest monthly drop since December 2023; the two-year yield was down 8.1 basis points on Friday at 4.575%.
The Nasdaq fell more than 2% after Amazon and Intel earnings unsettled investors concerned about rising AI-related spending. Amazon shares fell after it reported a sharp cash outflow and increased spending, while Intel fell 29% after warning it would burn cash this year.
Rate futures priced in about a 70% chance of a quarter-point Federal Reserve hike in December, down from about 78% late Thursday. Dallas Fed President Lorie Logan said the central bank needed to raise rates at least two more times to bring inflation under control, while investors weighed whether AI-related concerns would persist.
