Updated

The 10-year Treasury yield jumped to fresh 19-year highs following stronger-than-expected services and manufacturing sector data, with S&P Global's overall inflation measure hitting its highest level since October 2022. Bond yields surged to 5.12% as Wall Street traders repositioned for the possibility of additional Federal Reserve rate hikes, with market pricing now pointing to a potential rate increase in October. The sharp move in yields has triggered significant equity market losses, with the Nasdaq and S&P 500 retreating from record territory, raising investor concerns about the implications for monetary policy and corporate valuations amid persistent price pressures.