The chip rout is doing what Treasury buybacks couldn't: pulling yields off 24-year highs. 10-year at 5.085% from 5.36% last week, 30-year 5.429% from 5.73%, with $SOXX down 0.91% while the S&P closed

What happened: A selloff in semiconductor stocks sent investors into government bonds on Thursday, pulling Treasury yields back from multi-decade highs. Key numbers: 10-year Treasury yield 5.085%, down from a 24-year high of 5.36% last week. 30-year at 5.429%, down from 5.73%. Why it matters: The Kobeissi Letter said the Treasury spent months trying to push yields lower and failed, while the tech selloff provided relief. It said surging oil prices have rewritten the rate outlook, with the Fed raising rates in September and officials seeing another increase by year-end. Market: +0.7% today ($90.35), -4.4% YTD — as of 23:45 UTC

A selloff in semiconductor stocks sent investors into government bonds on Thursday, pulling Treasury yields back from multi-decade highs.

The Kobeissi Letter said the Treasury spent months trying to push yields lower and failed, while the tech selloff provided relief. It said surging oil prices have rewritten the rate outlook, with the Fed raising rates in September and officials seeing another increase by year-end. Market: +0.7% today ($90.35), -4.4% YTD — as of 23:45 UTC