Treasury Yields Spike, Oil Prices Soar Amid Conflict Fears
Treasury yields briefly hit near 25-year highs on Thursday before a flight-to-safety rally closed the 10-year at 5.24% and the 30-year at 5.61%. The interest-rate turnaround is seen as a big reason for the solid start to the fourth quarter, with traders citing it as a major factor in the stock market's performance.
Oil surged 4.4% to $102 as a third U.S. aircraft carrier deployed to the Middle East and China suspended October fuel exports. This move has prompted worries of continued conflict with Iran and is driving up oil prices.
Crypto markets traded modestly higher on Thursday, recovering from an early morning slump as major assets broke out of a week-long tight range. The market sentiment was heavily boosted by a bullish institutional report from Citigroup, which raised its 12-month forecasts for the leading digital assets.