US Stocks Rise as Treasury Selloff Pauses
US stocks closed mostly higher on Thursday, erasing earlier losses as the Treasury selloff came to a halt. The S&P 500 gained 0.2%, the Nasdaq rose 0.3%, while the Dow closed near flat. The pause in the bond rout sent 10-year Treasury yields lower from their highest since 2002, with an unwinding of crowded positions helping fuel the rebound. Treasuries also gained after Fed Vice Chair Philip Jefferson said it may take more time to assess whether further rate hikes are needed. The pause lended some support to credit-sensitive stocks. Chipmakers, which are facing record levels of debt issuance, closed mostly higher. Nvidia gained 1.1%, AMD rose 0.6%, and Micron added 3% after issuing an upbeat current-quarter forecast following strong fiscal fourth-quarter results. Global yields had previously extended a months-long rise, pressured by higher oil prices, which fueled inflation concerns and reinforced expectations of further rate hikes by central banks.
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US stocks closed mostly higher on Thursday, erasing earlier losses as the Treasury selloff came to a halt. 3%, while the Dow closed near flat. The pause in the bond rout sent 10-year Treasury yields lower from their highest since 2002, with an unwinding of crowded positions helping fuel the rebound. Treasuries also gained after Fed Vice Chair Philip Jefferson said it may take more time to assess whether further rate hikes are needed.
The pause lended some support to credit-sensitive stocks. Chipmakers, which are facing record levels of debt issuance, closed mostly higher. 6%, and Micron added 3% after issuing an upbeat current-quarter forecast following strong fiscal fourth-quarter results. Global yields had previously extended a months-long rise, pressured by higher oil prices, which fueled inflation concerns and reinforced expectations of further rate hikes by central banks.