10-Year Treasury Yield Drops Over 3bp as Chip Stocks Selloff Spurs Risk Aversion

Cointime reports: The US 10-year Treasury yield fell more than 3 basis points, approaching 4.85% and the intraday low of 4.8347% set at 11:46 Beijing time, after a sharp slide from the day’s high of 4.9168% at 22:29. A selloff in chip stocks drove investors toward safe havens, with spot gold dropping $8.5 an ounce to $4,112.2 in five minutes. The VIX rose 36.5% intraday to 22.63, while the S&P 500 fell more than 2.1%.