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US equities fell for a second straight day, led by technology stocks, as concerns about AI-related earnings resurfaced following reports that OpenAI's revenue was lower than investors had anticipated. Chipmakers were the largest drag, with the semiconductor subindex down 3.3%. US Treasuries experienced another volatile session.

US equities fell for the first time in five days, with the S&P 500 and Nasdaq retreating from record highs. Most losses occurred early in the session as US Treasury yields climbed. The 10-year Treasury yield rose to its highest level in almost 25 years, peaking at 5.36% before easing.

US equities continued to climb overnight, with the S&P 500 joining the Nasdaq at a record high. Gains were led by technology-linked stocks. US Treasury yields dipped, although the 10-year yield remains close to 24-year highs. Oil prices edged higher after a volatile session in which Brent crude futures fell as low as US$97 amid reports of rising oil flows through the Strait of Hormuz.

Technology stocks led US equities higher overnight, with the market rising for a third consecutive session. The S&P 500 closed at its highest level since 14 August, while the tech-heavy Nasdaq reached a record high.

US equities ended last week on a strong note, with the S&P 500 rising 0.7%, led by the tech sector. The market was supported by lower US oil prices and an underwhelming employment report, which reduced expectations of a Fed interest rate hike later this month.

US equities extended their decline early in the overnight session before a late rally lifted the market into positive territory, with the S&P 500 recording its first gain of the week.