The Russell 2000 slid more than 5% in the past month as the yields on the 10-year and 30-year Treasuries climbed to levels not seen since the early 2000s, while the Nasdaq-100 advanced over 5% in the same period.

BTIG analyst Jonathan Krinsky noted the Russell-2000 is roughly 16% weaker than the Nasdaq-100 on a relative basis, with the ratio’s RSI at 12.77 — a reading that has fallen below 14 only four times since 1985, with the prior instances in July 2007, August 2011 and March 2020.

Krinsky added that although such oversold conditions do not guarantee a bottom, a buying opportunity could emerge if yields begin to move lower, as signs of yield exhaustion appear. He also said a meaningful further decline in yields could support the Russell 2000.

Barclays highlighted Ultra Clean Holdings, Penguin Solutions and PTC Therapeutics as small-cap names that could outperform if a rebound takes hold.

Several stocks were active in premarket trading, with Haemonetics rising about 8% after CSL forecast the completion of Haemonetics' plasmapheresis platform rollout across the United States by the end of 2027.

Wolfspeed jumped more than 15% following news of a conditional $1.5 billion loan, part of a 30-year financing commitment from the Defense Department to support domestic production. The terms include warrants allowing the Pentagon to acquire up to 7.5% of Wolfspeed under the proposed arrangement.

Broadcom traded roughly 2% lower after The Wall Street Journal reported the company is pursuing more than $50 billion in financing tied to its custom AI chips being developed with OpenAI.

Taiwan Semiconductor Manufacturing reported September revenue growth of 54.6% year over year, lifting third-quarter revenue to $16.03 billion and above expectations, though shares were down about 1% in early trading.

Lululemon fell around 1% after naming Maggie Gauger, a former Nike executive and Athleta CEO, as chief product officer and Joseph Godsey as chief operating officer, as CEO Heidi O'Neill aims to revive growth and reset the North American business.

Levi Strauss dropped nearly 3% after posting third-quarter revenue of $1.61 billion, slightly missing expectations as direct-to-consumer sales weakened in the U.S. and Europe, though adjusted earnings beat estimates and tariff refunds boosted profitability.

Applied Digital rose 1% after reporting fiscal first-quarter revenue of nearly $342 million, up 322% year over year, driven by a sharp ramp in its AI data-center business.

Bitwise's chief executive, Hunter Horsley, said artificial intelligence and cryptocurrency originate from similar roots and signaled a broader push into AI initiatives.

Odaily reports that Bitwise has two AI-focused ETF filings awaiting approval: the Bitwise AI Cyber Defense ETF and the Bitwise AI Bond ETF.

Additionally, the company launched the first U.S. spot NEAR ETF last week.

Crypto trader Killa said on X that Bitcoin failed again to move above $87,000, and a 10x long bet placed on a breakout was exited at breakeven after a second test of the highs.

Odaily reported that Killa is monitoring a price zone around $80,000 to $82,000 and may rebuild the 10x long there.

Killa said he still holds BTC long positions opened at $62,600 and $76,400. He added there is no urgent reason to open a new long, but remains bullish and expects higher prices, noting that the current market is a low-timeframe range while his focus is on higher timeframes. He also stressed the importance of risk management.

The People's Bank of China outlined its stance on the yuan's exchange rate and said it will progressively expand its reporting of foreign exchange data to the IMF starting in 2027.

It noted that China has followed the IMF's Special Data Dissemination Standard since 2016 to publish balance of payments data and related foreign exchange information to higher international standards, and it aims to broaden the scope and frequency of data releases.

The report, attributed to Jin10, notes that medium- and long-term policy commitments are more effective at stabilizing expectations than short-term fixes.

It urges countries to adopt clear medium- and long-term policy plans, commit to them publicly, and implement them with consistency while avoiding policy U-turns.

The bank cautions that resolving global structural economic challenges within one to two years is unrealistic, and abrupt shifts in policy can backfire.

As an illustration, it points to a global tariff dispute in 2025, which led to front-loading of imports, widened imbalances, and slower global economic growth.

The People's Bank of China said it has neither the need nor the intention to seek a trade edge through yuan depreciation. It noted a structural shift in China's trade in recent years, with sensitivity to exchange-rate movements dropping significantly.

The central bank emphasized that China has never engaged in competitive currency devaluation or relied on yuan depreciation to boost exports amid various external shocks. It recalled pledges not to let the yuan depreciate during the Asian financial crisis in the 1990s and said its actions helped maintain regional economic and financial stability. The yuan stayed broadly stable during the 2008 global financial crisis, when many currencies fell against the U.S. dollar.

In recent years, as some countries pursued trade tensions and the Federal Reserve raised rates, non-U.S. currencies faced greater depreciation pressure. The PBOC said it timely deployed macroprudential policy tools to prevent the yuan from overshooting on the downside.

Gold rose modestly on Thursday as market participants weigh the possibility of another Fed rate increase this year.

Saxo Bank analysts said the move underscores a tug-of-war between macro traders and technical traders, with selling pressure tied to higher funding costs and a stronger dollar, while investors seek to hedge against rising debt levels and borrowing costs.

Parcl, a real estate platform that delivers live housing data on-chain, announced that its V4 mainnet has entered a closed alpha phase.

According to Foresight News, early access is available through official invitations, with developers testing the network granted first access rights.

A Jin10 report cites ING analyst Chris Turner, who says the pound could extend its gains against the euro if markets price in a Bank of England rate increase at its next meeting.

Turner noted that the recent euro-pound move has largely reflected worries about France's debt problems, but a potential BoE rate hike in November could provide support for the pound.

Bank of England Governor Bailey and Deputy Governor Lombardelli are due to speak later on Thursday.

Turner added that if they give any hint they are prepared to cross the "red line" and vote for a rate hike, the euro-pound rate could fall further today.