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Resurgent tech shares led US markets higher Wednesday, on a retreat in Treasury bond yields amid optimism for earnings from artificial intelligence player Nvidia. online news
Shares of Netflix, Apple and Facebook parent Meta all piled on more than two percent. Nvidia itself, whose results are due after the bell, gained 3.2 percent during the day.
Analysts said stocks were supported by a drop in yields of the 10-year US Treasury note, which have hit multi-year peaks in recent sessions.
The drop in yields “created a little bit of an opportunity to buy on some of the weakness,” said Briefing.com analyst Patrick O’Hare.
The Dow Jones Industrial Average finished up 0.5 percent at 34,472.98.
The broad-based S&P 500 gained 1.1 percent to 4,436.01, while the tech-rich Nasdaq Composite Index jumped 1.6 percent to 13,721.03.
Stocks have been on the back foot for most of August as Treasury yields have spiked.
But O’Hare said there are hopes investors are “close to the end” of a rough period for stocks, with better trading liquidity expected after the August holidays.
In earnings news, Foot Locker sank more than 28 percent as it reported a quarterly loss of $5 million, while noting a “softening” in business trends in July.
But Abercrombie & Fitch surged more than 23 percent as it swung to profitability in the second quarter on higher sales. The apparel retailer reported “strong customer receptivity of our brands and product.”
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