Nasdaq Surges on Tech Gains

US stocks extended gains for a third session as Treasury yields eased and momentarily dampened an adverse macroeconomic backdrop, while tech stocks underwent a fresh rally. The S&P 500 rose 1% and the Nasdaq 100 jumped 2.3% to a three-month high, while the Dow added 0.5%. Signs that the GCC extended diplomatic efforts for Tehran to lift their blockade on fuel tankers drove crude oil and product prices to ease further from their peaks this month, hence easing the recent pressure on Treasury securities. Lower credit costs improved the outlook for AI hyperscalers to continue issuing record levels of debt, supporting chip producers and AI infrastructure stocks. The sector was also impacted by debates on risks around AI safety. Intel, AMD, Seagate, Marvell, and Western Digital rose between 13% and 7%. Meanwhile, Meta added surged 8% on positive responses to its Muse AI agent. Banks also edged higher on lower borrowing costs.