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US stocks rebound as Treasury yields retreat after selloff
The 30-year Treasury yield fell to 5.209% after hitting the highest level since 2007, helping lift major indexes.
US stocks rebounded on Wednesday after a technology-led selloff in the prior session, with a retreat in government bond yields improving sentiment, LiveMint Markets reported. The Dow Jones Industrial Average rose 120.1 points, or 0.23%, to 53,463.47, the S&P 500 gained 25.0 points, or 0.32%, to 7,716.74, and the Nasdaq Composite advanced 104.2 points, or 0.40%, to 26,393.889.
The prior day’s pressure followed Treasury yields climbing to multi-decade highs, with concerns about rising US government debt and geopolitical uncertainty weighing on equities, according to LiveMint Markets. On Wednesday, the yield on the 30-year US Treasury bond fell to 5.209% after reaching its highest level since 2007.
Markets sentiment improved after the US Treasury said it would double the size of its liquidity-support buyback operations for longer-dated government bonds, easing pressure in the bond market, LiveMint Markets added. Investors also looked ahead to the release of minutes from the Federal Reserve’s July meeting later on Wednesday.
The session featured large stock moves across multiple sectors, including Moderna shares jumping more than 150% after reporting late-stage trial results for its personalised mRNA cancer treatment developed with Merck, LiveMint Markets reported. Other notable moves included Target after raising its annual sales outlook, and Estee Lauder after projecting full-year profit above Wall Street expectations, while Trump’s comments on Iran and shipping through the Strait of Hormuz remained on investors’ radar.
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