10-Year US Treasury Yield Hits 19-Year High as Stocks Decline and Oil Prices Remain Elevated

The 10-year US Treasury yield surpassed 5.2%, marking its highest level since June 2007, while the 30-year yield reached a peak not seen since 2004. US stock indices closed lower, with the Philadelphia Semiconductor Index falling over 1.6%. NVIDIA (NVDA) bucked the trend, closing up 1.68% after announcing a $150 billion share buyback authorization. Market sentiment remains pressured by rising energy prices due to tensions in the Strait of Hormuz and uncertainty surrounding upcoming PCE and non-farm payroll data, which could influence Federal Reserve interest rate expectations.