US Stock Movements: Powell Industries Plunges on October 7—Industrial Stocks Under Pressure, Profit-taking, and Rising US Treasury Yields

BYD Executive Vice President Li Ke stated that Nvidia (NVDA.US) remains a highly capable chip partner.

Strategists at State Street Global Advisors stated that the yield curve may not be as attractive as it appears on the surface. In a report, they remarked: "If we are indeed entering a market environment more similar to that of the 2000s, it is notable that the current yield curve does not seem particularly steep." They pointed out that if the market starts to price in a higher term premium, yields may face further upward pressure. In their view, the rise in government bond yields is one of the most significant developments in the fixed income market in recent years. They stated: "Nevertheless, although bond yields have become more attractive, we do not believe that the case for extending duration has become significantly more compelling."

A senior Pakistani government official stated that, as oil prices soar and the appeal of gasoline-powered vehicles drops, Pakistan is expected to achieve its electric vehicle adoption targets ahead of schedule. According to policies announced last year, the government's goal is for electric vehicles to account for 30% of new car sales by 2030. Haroon Akhtar, Advisor to the Prime Minister on Industry and Production, said the rise in fuel costs since the Middle Eastern conflict has shortened the time required for consumers to recoup the higher upfront costs of electric vehicles. He stated: "I believe the goals set in our electric vehicle policy last year will be achieved sooner, as the surge in oil prices has reduced the payback period for electric vehicles to one to one and a half years. People are starting to realize the benefits now, namely that they no longer have to pay for gasoline."

TSMC (TSM.US) announced on Thursday that its third-quarter revenue reached a record NT$1.49 trillion (approximately $46.71 billions), driven by strong growth in demand for artificial intelligence applications. This marks a 50% year-on-year increase and surpasses the market expectation of NT$1.46 trillion.