Gap surged 15% after naming a new Old Navy CEO, while Marvell and Autodesk fell more than 7% and 5% after earnings. On Thursday, the Nasdaq gained 1.57% as Nvidia jumped 8.7% on strong AI demand and a 70% revenue growth forecast.

The US 10-year yield held near 4.67% after two days of gains. Hotter inflation pushed December hike odds above 70%, although 65% still expect no September move. Schmid said policy is not restrictive, while Treasury buybacks and US debt concerns added pressure to the bond outlook.

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