US stocks rise as Treasury yields retreat, lifting credit-sensitive sectors
US stock indices closed higher Thursday as Treasury yields eased after a recent surge. The S&P 500 rose 1.1%, the Dow gained 624 points and the Nasdaq advanced 1.2%, with credit-sensitive software firms leading.
US stock indices closed higher on Thursday as bond yields paused their recent climb, helping credit-sensitive sectors. The S&P 500 rose 1.1%, the Dow gained 624 points, and the Nasdaq advanced 1.2%. Fed Governor Waller said a rate hike would not be warranted if underlying inflation continues to slow, a shift from earlier remarks on inflation risks. Treasury yields later eased.
Software shares gained, with Microsoft up 2.7%, Meta rising 3%, Oracle jumping 5.7% and Palantir soaring 7.7%. Chipmakers were mixed. Nvidia and Intel each gained 1.8%, while Broadcom fell 2.7% despite reporting 221% annual revenue growth in its latest fiscal quarter. Hewlett Packard Enterprise added 5% even after results fell short of expectations.
Financial heavyweights also helped the Dow, with JPMorgan up 1.6%, Goldman Sachs gaining 3.3% and Morgan Stanley adding 2.5%.