Tech Stocks Rally as Bond Yields Ease Further
Stocks on Wall Street closed higher Thursday, with tech stocks leading a broad market rebound. The S&P 500 rose by 1.1%, the Dow Jones Industrial Average gained 1.2%, and the Nasdaq Composite climbed 1.4%. This marked progress toward weekly gains after mixed performance at the start of September. Big technology companies were key contributors to the rally, with Microsoft rising 2.7% and Meta climbing 3%. Nvidia also saw a boost following its $13 billion acquisition announcement for Hugging Face. Bond yields showed signs of stabilization despite earlier concerns over inflationary pressures from higher oil prices. The yield on the 10-year Treasury dropped to 4.77%, while the 2-year Treasury yield fell slightly as well. Federal Reserve Governor Christopher Waller's comments suggested a potential pause in rate hikes if upcoming data shows cooling inflation, reducing market expectations for an increase at the next meeting. Investors also reacted positively to strong earnings from tech firms like Snowflake, which surged over 16% after exceeding profit and revenue estimates driven by AI demand. However, not all companies saw stock price gains despite positive results.
Tickers: $AAPL $META $MSFT $NVDA
Topics: bond yields Dow Jones Nasdaq oil prices S&P 500 technology stocks U.S.-Iran conflict