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Equities moved higher on Thursday, while Treasury yields pulled back, as investors grew hopeful that the Federal Reserve may leave interest rates unchanged this month.
The Dow Jones Industrials surged 623.57 points, or 1.2%, to close Thursday at 53,685.52
The S&P 500 advanced 81 points, or 1.1%, to 7,747.59.
The NASDAQ Composite jumped 366.23 points, or 1.4%, to 26,584.06
The benchmark 10-year Treasury note yield last traded around 4.77%, seeing declines after Federal Reserve Governor Christopher Waller said he’d be “inclined to support” holding rates steady barring any surprises in upcoming inflation data. On Wednesday, the yield hit its highest level since November 2023.
Snowflake shares were a bright spot, popping more than 20% after the company reported better-than-expected second-quarter earnings and revenue as well as issued strong guidance.
Conversely, shares of Broadcom dropped 2% following its latest quarterly results, with the company offering a disappointing revenue forecast for the fiscal fourth quarter.
Prices for the 10-year Treasury gained, lowering yields 4.77% from Wednesday’s 4.79%. Treasury prices and yields move in opposite directions.
Oil prices acquired 62 cents to $91.63 U.S. a barrel.
Gold prices gained $111.40 to $4,526.00 U.S. an ounce.
