Tech Rally Continues, Treasurys Weaken Ahead of Fed Decision -- Update

Tech stocks extended gains as Treasury yields edged up ahead of the Federal Reserve’s October policy decision, with markets pricing a 90.6% chance the central bank will hold rates steady, according to LSEG. Attention will turn to Chair Kevin Warsh’s press conference for clues on how policymakers view an economy still “running hot.” Ahead of the announcement, 10-year Treasury yields moved back above 5%, with 30-year yields near 5.310%, and two-year yields around 4.750%. Artificial-intelligence stocks rallied globally after strong results from chipmaker SK Hynix, which jumped 11% and helped the Kospi close up 6.6%. Japan’s Nikkei 225 rose 1.1%, while Hong Kong and Shanghai indexes also advanced, lifting Nasdaq futures. The oil market moved higher as attacks on Saudi Arabia by Houthi militants continued; Brent climbed above $115 a barrel. Bitcoin recovered to about $80,700 after Tuesday’s drop.