Welcome to Markets Desk, your midday read on what's moving markets and why.
The bond market is flashing serious warning signs. Ten-year Treasury yields have surged half a percentage point this month alone, marking the worst monthly selloff in four years. The move is feeding on itself — rising yields force leveraged holders to sell, which pushes yields higher still, a vicious loop that analysts warn could extend well into October.
Turning to earnings, Micron delivered a standout quarter, beating expectations and issuing guidance that sent the stock sharply higher after hours. The headline number was data center revenue, which jumped eleven-fold as artificial intelligence infrastructure spending continues to accelerate. Micron is now up over five hundred percent in the past year, cementing its position as one of the defining beneficiaries of the AI buildout.
And on the political front, Donald Trump is calling for Jerome Powell's forced resignation from the Federal Reserve board following an inspector general report on the renovation of Fed headquarters. The watchdog cleared Powell of any criminal wrongdoing but cited poor project management. Trump has long clashed with Powell over interest rate policy, and the timing — with bond markets already under pressure — adds another layer of tension to an already fragile rate environment.
That's the tape. Markets Desk, signing off the floor.
