Long yields are driving the October 1 session, not AI and not softer inflation.

The US 10-year is near its highest level since 2007 and the 30-year is at a multi-decade high. The third quarter was the worst for Treasuries since 1994.

Oil is holding near 100 dollars. Gulf exports are recovering, but the US and Iran still have no lasting deal.

August inflation came in below forecasts, so the odds of an October Fed hike have fallen. They have not disappeared.

Micron beat expectations and confirmed that AI demand is still strong. The stock barely moved. Yields and oil are overpowering the earnings.

Bitcoin near 84,000 is being pulled both ways. Citi raised its 12-month targets for Bitcoin and Ether. Those are forecasts, not guaranteed prices.

If long yields stay elevated and oil does not break lower, tech stocks, gold and Bitcoin will struggle to stage a clean rally early in the fourth quarter.