U.S. Treasury yields surged, with the 10‑year climbing to 5.30%—the highest since 2002—while the 30‑year hit 5.64%, according to the U.S. Treasury. UK gilt yields spiked to 6.029%, the peak since 1998, as reported by LSEG data.
Micron, meanwhile, posted fiscal Q4 EPS of $33.42 on $54.23 billion revenue, eclipsing analyst estimates of $31.83 and $51.49 billion. The company also lifted its guidance for the current quarter, citing robust data‑centre demand.
Tech stocks, buoyed by Micron, saw Nasdaq‑100 futures jump 0.5%, while Dow futures slipped 0.2% and S&P 500 futures edged up 0.2%. The rally came against rising borrowing costs that have dampened broader market enthusiasm.
Investors now focus on the Fed’s rate decision later this month and upcoming labor‑market data. September’s mixed performance—S&P 500 down 0.5%, Nasdaq up 1.9%—adds uncertainty to the early‑October outlook.
Micron’s upgraded outlook signals continued resilience, but analysts warn that high Treasury yields could temper equity gains. Market watchers will monitor the next earnings cycle for sustained momentum.