Treasuries Rebound as Tech Selloff Fuels Safe-Haven Demand; 10-Year Yield Falls to 4.989%

Treasuries rallied on Thursday, reversing the prior session's losses as a sharp technology selloff drove investors toward safe-haven assets. The benchmark 10-year note yield, which moves opposite its price, slid 5.6 basis points to 4.989 percent. The tech slump followed Alphabet's (GOOGL) weaker-than-expected third-quarter revenue and negative free cash flow. Alphabet shares fell 13%, dragging down heavily weighted tech peers, said Danni Hewson, head of financial analysis at AJ Bell. Treasuries also drew support from a pullback in crude oil prices after a spike in the previous session. Oil futures declined following a Wall Street Journal report that Vice President JD Vance urged Iran to revive peace negotiations. On the economic front, the Commerce Department's PCE price index rose 0.5% in September, matching estimates, with the annual rate accelerating to 3.6% from 3.4%. Core PCE climbed 0.3% on the month, with the annual rate at 3.1%. Third-quarter real GDP grew 3.4%, topping the 3.1% estimate.