MPC Markets Morning Call

Wall Street snapped a four-session win streak as 10-year and 30-year Treasury yields surged to their highest levels since 2002. Fed minutes revealed all 19 officials backed September's rate hike, with most signalling another by year-end. Brent crude settled near US$100 amid ongoing Hormuz tensions, France's bond crisis deepened with the Franco-German spread at 141bp, and the AI bubble debate intensified. Plus chart updates on Telix, ProMedicus and New Hope, and a preview of US earnings season starting next week.

Wall Street surged to all-time highs overnight — the S&P 500 closed at a record 7,820.85 and the Nasdaq hit 27,599.79 as six of the Magnificent Seven advanced on renewed AI and chip stock enthusiasm. G7 nations agreed to release 100 million barrels of emergency reserves, Constellation Energy jumped 12% on a nuclear deal with Google, and uranium surged 4%. Gold, silver and copper rallied while the Aussie dollar ticked higher. The ASX is set to open flat as the RBA flagged household AI stock exposure as a potential vulnerability. Plus — the US earnings calendar for October is live on Mosaic.📈 US Earnings Calendar: mpcinvest.co/earningsUSA

The Nasdaq closed at a record high overnight — up 1.05% to 27,477 — even as US 10-year yields hit 5.35%, their highest since 2002. With European bonds under pressure, private credit gating redemptions, and inflation eroding cash, big tech is starting to look like the only safe haven left. We break down BMO's call for 6% on the 30-year, Aramco's warning that global oil stocks are "scarily thin," the divisive Firmus IPO opening on the ASX today, and why coal keeps quietly climbing. Plus a quick look at Russia's plague quarantine in Siberia.Topics: Nasdaq record, US bond yields at 2002 highs, French bond contagion, Spain snap election, Bessent credibility, Firmus IPO, oil prices, Aramco OSP cut, ASX outlook, MPC diversification strategy.

The US 10-year yield hit 5.34%, the highest since 2002, before reversing after Fed Vice Chair Jefferson signalled patience on further hikes. The S&P 500 recovered to close up 0.2% but the ASX 200 bore the brunt, falling 2.0% to its lowest since June. Brent crude surged 4.3% on a third US carrier deployment to the Middle East, China suspending fuel exports, and Iran warning of a "forceful response." Micron's blowout guidance lifted chips but Broadcom's $42B deal to lease AI chips to Anthropic raised circular-finance concerns. Russia warned it would use its "entire arsenal including nuclear weapons" to defend Kaliningrad. We look at ASX technicals, chart 40X and New Hope, and discuss MPC's multi-asset diversification fund. SPI futures +44 points — bounce expected at the open.

Cooling US inflation data sparked a morning rally, but Wall Street gave it all back in a brutal final-hour selloff. The Dow dropped 0.86%, the S&P 500 lost 0.25%, and bond yields hit multi-decade highs with the 30-year at 5.638%.Micron smashed earnings — revenue up 256% year-on-year — but the flat after-hours reaction has Mark questioning AI sentiment heading into Q4. The team draws parallels to Cisco's dotcom crash and flags caution around high-profile AI IPOs. Phil runs technical updates on PMA and New Hope, and the episode wraps with what to watch for the ASX open with SPI futures pointing down 51 points.Subscribe and follow for daily market coverage. Try Mosaic free at mpcmarkets.com.au/mosaic.