Pressure in semiconductor stocks weighed on risk appetite, while US bond yields moved higher and precious metals extended gains.

The US 10-year Treasury yield climbed toward 4.2%, its highest level since early September, as divisions within the Fed came into clearer view. Chicago Fed President Austan Goolsbee cautioned against moving too fast, while Kansas City Fed President Jeffrey Schmid said inflation remains too elevated. Philadelphia Fed President Patrick Harker struck a softer note, pointing to rising risks in the labor market.

US equity futures steadied after a mixed week on Wall Street. The Dow set fresh record highs, while the S&P 500 and Nasdaq retreated as flows shifted away from high-valuation tech names. Shares of Oracle and Broadcom fell sharply, reflecting concerns over the profitability outlook for AI-related investments.

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