- Stocks sink as Chinese AI startup threatens US tech dominance
- Yen, swiss franc advance as part of demand for havens
Treasuries rallied as investors flocked to the safety of US government bonds after equities slumped in a selloff driven by technology shares.
The advance was strong enough to erase the last of the bond market’s price drop from earlier this year, when worries flared about a potential resurgence of inflation and the uncertainty cast by Donald Trump’s return to the White House.
The yield on 10-year Treasury notes fell as much as 12.5 basis points, the steepest intraday drop in almost two weeks, to 4.50% before slightly paring the decline. The two-year rate, which is highly sensitive to expectations for Federal Reserve policy,