BBG - The respite in the bond selloff sent 10-year yields down from the highest since 2002. The S&P 500 erased a drop that had been fueled by factory data showing a surge in a gauge of raw-material prices. Oil climbed amid ongoing geopolitical risks. The Pentagon may soon deploy an additional aircraft carrier and 10,000 troops to the Middle East, according to a US official.

The S&P 500 rose 0.2%. The Nasdaq 100 rose 0.3%. The Bloomberg Dollar Spot Index rose 0.4%. The yield on 10-year Treasuries declined 5 bps to 5.24%. The yield on 2-year Treasuries declined 10 bps to 4.78%. WTI crude rose 2.9%. Spot gold rose 0.5%. Bitcoin rose 1.4%.

An unwinding of crowded positions helped fuel the bounce in Treasuries, which also rose as France’s fiscal woes boosted haven demand. Also underpinning gains were remarks from Federal Reserve Vice Chair Philip Jefferson, who said it may take more time to judge whether further interest-rate increases are needed.

He echoed comments from New York Fed President John Williams, who on Tuesday said there was no urgency in considering another hike after the Federal Open Market Committee’s decision to lift rates in September.

The benchmark KBW Bank Index shed as much as 2.4% to the lowest intraday since late May in Thursday trading, as investors assessed the impact to the economy and banks’ businesses from relentlessly climbing Treasury yields.

The banks gauge is well into correction territory, tumbling about 14% since a mid-August peak. It’s gained less than 2% so far this year, trailing the broader S&P 500 Index’s 11% advance, with Capital One Financial Corp. and Wells Fargo & Co. among the worst performers, each down more than 15%. Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley are among members that have fallen more than 11% in the past month.

Anthropic PBC is seeking to go public as soon as the middle of November, according to people familiar with the matter, after the artificial intelligence model maker pushed back plans to list.

The firm behind Claude could start formal marketing for its IPO as soon as the week of Nov. 9, putting it in line to begin trading before Thanksgiving, the people said. Dealmaking typically grinds to a halt in the days around the holiday, which is on Nov. 26.