Since mid-September, Treasury yields have surged, with the 10-year reaching 4.18% from a low of 3.6%. The five-year and two-year yields also increased significantly, with key resistance levels identified. Despite recent pullbacks, a recovery rally is anticipated, potentially lowering yields to 3.25% for the five- and 10-year, and 3% for the two-year.
On October 15, major semiconductor stocks faced a significant selloff, with ASML plunging over 16% after disappointing guidance, marking its worst day since the pandemic. Other notable declines included KLAC down 15% and LRCX and AMAT both falling 11%. Despite this, leading semiconductors like NVDA, TSM, and AVGO held relatively steady, resulting in only a 5% drop in major semiconductor ETFs, while broader indices experienced losses between 0.7% and 1.4%.
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