US stocks mostly higher as yields pause and Fed hike bets ease
US stocks were mostly higher Thursday, with S&P 500 up and Dow higher as Treasury yields halted their recent rally. Credit-sensitive software names including Microsoft, Palantir, Meta and Tesla gained, while Broadcom and AI infrastructure fell.
US stocks were mostly higher on Thursday, with traditional economic sectors offsetting weakness for chip producers after Treasury yields halted their surge from recent weeks.
The S&P 500 gained 0.5% and the Dow rose 0.8%, while the Nasdaq 100 inched lower.
Equities halted their pullback since growing bets of a Fed hike this month had pressured exchanges earlier in the week.
Treasury yields halted their recent rally despite fresh intervention on the yen by Tokyo.
Credit-sensitive software companies gained with Microsoft, Palantir, Meta, and Tesla adding more than 3%.
On the other hand, Broadcom fell 5% despite posting a 221% annual growth in revenue in its last fiscal quarter, another chip producer that failed to meet the higher end of estimate ranges.
AI infrastructure stocks tracked the losses, with Sandisk, and Marvell down more than 1%.
Meanwhile, Hewlett Packard Enterprises fell 4.3% after its results fell short of expectations.