The Fed turned dovish, but it still couldn’t suppress long-term rates. The 30-year Treasury yield surged to 5.621% at one point, hitting a new high since 2002, while the 10-year yield is nearing 5.3%. With no signs of long-term bond buying returning, U.S. stocks continue to face valuation pressure. In a weak market, funds are still flowing into AI hardware and storage. The Philadelphia Semiconductor Index bucked the trend and rose, with optical communications and storage sectors collectively rebounding. Meta jumped over 3%, while Apple dropped 2.66%. AI trades haven’t cooled off, but now there’s an unavoidable premise: when will rates come down? Tonight, the core PCE is the most important data before the holiday. If inflation remains hot, “higher for longer” will continue to weigh on tech stocks. If it comes in below expectations, Treasury yields and the dollar might finally get some relief.