Market Resilience Despite Surge In Yields… And Options Action Ahead Of Micron Results 9/25/26

Despite 10-year yields hitting 5.23%, equities held near records as semiconductors outperformed on continued AI capex demand.

• Yields surge, stocks hold: 10-year Treasury hit 5.23% intraday, 30-year above 5.5%, yet Nasdaq closed the week up 2%+ and S&P near record highs.
• Semis lead the rally: Semiconductors surged 6% since Monday (Astera Labs, Qualcomm, Intel biggest gainers) as AMD joined the trillion-dollar club and Meta's CapEx demand ratifies the AI trade.

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