US stocks rebound as technology shares lift S&P 500 0.5%

  • US stocks rebounded as technology and financial shares led major indexes higher.
  • The Dow gained $295.07 to close at $53,061.95, reclaiming 53,000.
  • The 10-year yield reached 4.82%, while WTI settled at $91.01 per barrel.

US stocks rebounded on the 2nd, with technology and financial shares supporting the major indexes despite elevated Treasury yields and crude oil prices. The Dow Jones Industrial Average gained $295.07, or about 0.6%, to close at $53,061.95, its first advance in four sessions and above the psychologically important 53,000 level. The Nasdaq Composite rose 118.06 points to 26,217.83, while the S&P 500 gained about 0.5%. The 10-year Treasury yield briefly reached 4.82%, its highest level since November 2023, and remained near 4.80% after retreating from its session high. October West Texas Intermediate futures settled 79 cents higher at $91.01 a barrel, even after Chevron announced an expansion in Venezuela and Energy Secretary Wright discussed crude transport through the Strait of Hormuz. Investors broadened buybacks into technology and financial stocks as the rise in long-term yields paused, with Dell Technologies' strong earnings helping semiconductor shares. Nvidia gained 3.2%, American Express rose 1.8% and Caterpillar advanced 1.7%, while Honeywell Technologies and 3M declined. Dell separately surged 15.8% after beating earnings expectations and raising revenue guidance; Alphabet, Meta and Oracle also advanced, while Palo Alto and Broadcom fell. Alphabet benefited from a ruling allowing Google to retain its advertising exchange while requiring interoperability with rivals. Nvidia also rose on reports it was nearing a $14 billion acquisition of Hugging Face. Trading on the New York Stock Exchange totaled 1,179.37 million shares, up 240,000 from the previous session.

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US stocks rebound as technology shares lift S&P 500 0.5% - CoinPost Terminal