US Treasury bonds soared, and after the Democratic Party swept Congress in the midterm elections, large technology stocks were sold off, fueling safe-haven demand. The US Treasury bond market rose on Thursday, and yields for each term fell by up to 12 basis points to their lowest level since the beginning of September. Yields began to decline after the opening of the US stock market. The Nasdaq 100 index fell 6.09%, and the Philadelphia Semiconductor Index fell 11.11%. The US bond market recorded its biggest increase in more than two years in a month as investors lost confidence in the sustainability of AI infrastructure capital spending and then switched from stocks to bonds. “The decline in chip stocks further reflects the market's belief that capital expenditure growth may slow down,” said Anmol Sinha, director of fixed income investment at The Capital Group. “This is triggering a market reaction.”

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