Global bond yields have risen sharply in recent weeks, while US oil prices are near $90 per barrel, adding to pressure on equity markets. The 10-year US Treasury yield climbed above 4.81% early Wednesday, reaching its highest level since October 2023 and surpassing a 4.81% peak set in January 2025. The Nasdaq Composite is down almost 4% from its last record high in June, after falling 1% Tuesday, while Nasdaq 100 futures indicated a 0.2% decline at Wednesday’s open. With earnings season winding down, investors are refocusing on bond yields, inflation, government deficits and the path of central bank interest rates. Higher yields increase borrowing costs, potentially weighing more heavily on technology companies funding artificial-intelligence infrastructure with debt, while also reducing the present value of future earnings and making government bonds more attractive relative to stocks. The increase has spread globally, with borrowing costs in France, Germany, the United Kingdom and Japan reaching multi-year and multi-decade highs.