US Stocks Rebound from Session Lows
US stocks swung higher as a pullback amid rebounds in traditional economic sectors. The S&P 500 and the Nasdaq rose 0.5% while the Dow jumped 1.2%. The yields on long-term Treasury securities declined amid a drop in key energy prices, consolidating bets that the Fed will forgo back-to-back rate hikes in its decision next week. Traditional economic sectors consolidated following yesterday's losses, with banks and asset managers rebounding sharply. A gauge tracking healthcare companies also jumped to a record high, with Eli Lilly, Merck, and J&J adding more than 4% each. Uneasiness over the AI stocks remained after South Korean Elice plunged 32% following its IPO in Seoul, the latest in a series of signals that markets have grown fatigued by the soaring levels of financing that chipmakers and data center operators are asking for. SpaceX was below the flatline ahead of its earnings after the closing bell, which may have been brought forward to enable another capital raise.
US stocks swung higher as a pullback amid rebounds in traditional economic sectors. The S&P 500 and the Nasdaq rose 0.5% while the Dow jumped 1.2%. The yields on long-term Treasury securities declined amid a drop in key energy prices, consolidating bets that the Fed will forgo back-to-back rate hikes in its decision next week. Traditional economic sectors consolidated following yesterday's losses, with banks and asset managers rebounding sharply.
A gauge tracking healthcare companies also jumped to a record high, with Eli Lilly, Merck, and J&J adding more than 4% each. Uneasiness over the AI stocks remained after South Korean Elice plunged 32% following its IPO in Seoul, the latest in a series of signals that markets have grown fatigued by the soaring levels of financing that chipmakers and data center operators are asking for. SpaceX was below the flatline ahead of its earnings after the closing bell, which may have been brought forward to enable another capital raise.