For my view: C.
Tech & semiconductors stay strong
I see this as more likely a short-term rebound first, not yet proof of a new strong rally.
Why?
10-year yield below 5% → helps growth stocks.
Oil falling → reduces inflation pressure.
AI/chips strong → brings investors back to NVDA, AMD, MU, INTC.
But the Fed is still hawkish, with rates at 3.75%–4.00%.
If the 10-year yield goes back above 5%, tech stocks could face pressure again.
What I would watch:
Yield ↓ + Oil ↓ + AI earnings ↑ = rally has a better chance to continue.
If only tech rebounds for a few days while yields rise again, it may be just a relief rally.
Bottom line: I would not chase aggressively yet. Watch Treasury yields and AI/chip strength first.
Two Rounds of Treasury Buybacks, and Long-End Yields Still Hit a New High?
The Treasury bought 20- to 30-year debt again Wednesday, capped at $6B — second round in two weeks; the first filled only $5.2B. The bid came, yields didn't fall: the 10-year closed at 5.11%, up 15bp and the highest since 2007, as was the 30-year. October Fed hike odds hit 69.7%. Stocks fell: Nasdaq -1.13% to 26,936.04, erasing Tuesday's record; QQQ -0.84% to $741.21; S&P 500 -0.75% to 7,706.03; Dow -0.68% to 51,511.59. Bulls say firm data, not weak demand, is lifting yields; bears say two buybacks and a new high prove the bid can't absorb supply. At what yield do you redo the math on stocks?
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