Global Bond Yields Climb to Multiyear Highs as Micron Lifts Chip Futures
Hyperdash NewsMacroUS stock futures pointed higher before the open as Micron's strong results and upbeat guidance buoyed chipmakers, even as a deepening global bond sell-off pushed the US and UK long-end yields to multiyear peaks. S&P Futures edged up +0.28% and Nasdaq Futures moved up +0.60%.
Scoreboard
- S&P Futures 7,736.75 (+0.28%)
- Euro Stoxx 50 6,230 (-0.63%)
- Nikkei 225 68,957 (+3.30%)
- Gold 4,199 (+0.28%)
- WTI 91.69 (+1.40%)
- US 10Y 5.285% (-1bp)
- DXY 101.7980 (+0.34%)
- Bitcoin 83,856 (-0.01%)
- VIX 16.25 (-0.55%)
- DE 10Y 3.544% (+1bp)
The bond rout dominated the overnight tape. The US 10Y yield held near its highest level since 2002, and UK long-dated borrowing costs reached their steepest since the late 1990s, as the sell-off in government debt gathered pace. The move drew support from Minneapolis Fed President Neel Kashkari, who said inflation remains too high even after softer PCE data. Reports that Russian President Vladimir Putin updated the country's nuclear doctrine added pressure to futures and yields. Micron beat on earnings and issued strong guidance, with data-center revenue surging, lifting Nasdaq Futures. The Nikkei 225 jumped, while the Euro Stoxx 50 moved lower in European trade.
Key headlines
- Micron beats on earnings and issues strong guidance as data center revenue jumps 11-fold
- Oil prices rise as Chinese refiners reportedly ban October fuel exports; Brent crude back above $100
- UK 30-year borrowing costs hit 6%, highest since 1998, as government bond sell-off intensifies, business live
- 10-year Treasury yield hits highest level since 2002 as global bond rout gathers pace
The takeaway
The divergence between chips and the broad tape is the session's defining feature. Micron's data-center strength is powering Nasdaq Futures higher, but with the US 10Y yield near a two-decade high and Kashkari flagging sticky inflation, rate-sensitive sectors face a headwind that a single earnings beat cannot offset.
The US cash open and the path of long-end yields are the main catalysts. Traders will watch whether the Treasury sell-off extends after Kashkari's inflation remarks, the market reaction to reports on Russia's nuclear doctrine, and Brent Crude, which jumped back above the triple-digit mark after Chinese refiners reportedly halted October fuel exports.
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Frequently asked questions: October 1, 2026
What is happening in the markets today?
A deepening global bond sell-off pushed the US 10Y yield to its highest since 2002 and UK long-dated costs to multidecade highs, while Micron's strong guidance lifted chip-heavy Nasdaq Futures by +0.60%.
Where are US stock futures this morning?
US stock futures were mixed to higher before the open. S&P Futures edged up +0.28% and Nasdaq Futures moved up +0.60%, while Dow Futures were little changed at -0.05%.
What should investors watch in the markets today?
Investors should watch the path of long-end Treasury yields after Kashkari called inflation still too high, reports on Russia's updated nuclear doctrine, and Brent Crude, which jumped +2.03% back above the triple-digit mark on reported Chinese export curbs.
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