Treasury Yields Hit Multiyear Highs as Brent Tops $100, Megacap Tech Holds Up

The bond rout deepened on Thursday, September 24. The 30-year Treasury yield touched 5.44%, its highest since 2004, before closing at 5.399%; CNBC had it at 5.456% during the session . The 10-year yield rose to 5.162%, its highest level since July 2007, a day after its biggest one-day jump since April 2025 . Oil added pressure: Brent settled near $107 a barrel, while US benchmark WTI rose 3.4% to $95.29, staying below $100.

CNBC tied the move to stronger-than-expected economic data, hawkish Fed commentary and high oil prices . Traders now see more than a 75% chance of another rate hike at the Fed's October meeting, up from roughly 49% a week earlier , and money markets fully reflect three hikes over the next year. The sell-off was global in bonds, with Japan's 10-year yield at its highest since August 1996 .

Stocks mostly shrugged it off. The S&P 500 and Nasdaq 100 were little changed, the Dow fell 0.3% and the MSCI World Index slipped 0.2%. Megacap tech has been a standout: the Roundhill Magnificent Seven ETF was up 5% this month through Wednesday's close, led by Meta Platforms (META), which rallied more than 30% after unveiling its AI agent Muse .

CNBC argues that strength comes partly because of rising yields, not just in spite of them: some investors see cash-rich hyperscalers as safer than Treasurys issued by a government running large deficits. Oaktree's Howard Marks said a hyperscaler at 8% may have a higher expected return than a Treasury at 5% .

What to watch: whether yields stabilize, Fed speakers ahead of the October meeting, and whether Brent holds above $100 as the US and Iran explore a phased deal to reopen the Strait of Hormuz.