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S&P 500 edges higher as bond yields fall and chips weigh on Nasdaq
The 10-year Treasury yield slid 6 basis points to 4.64% after the Treasury said it will boost liquidity and double buybacks for longer-dated notes.
US stock indexes were mixed as lower Treasury yields supported the broader market, while weakness in chip and AI infrastructure stocks pushed the Nasdaq 100 to a 1.5-week low. The S&P 500 rose 0.33% and the Dow gained 0.47%, while the Nasdaq 100 fell 0.33%.
Lower bond yields helped offset pressure in technology, with the 10-year T-note yield dropping 6 basis points to 4.64%. The Treasury also said it will boost market liquidity and double the size of buybacks for longer-dated nominal coupon securities to at least $4 billion, according to Yahoo Finance.
Despite the support from rates, chipmaker and AI-infrastructure stocks remained a drag on the Nasdaq 100, according to Yahoo Finance. Yahoo also noted that Moderna shares jumped more than 110% after the company reported positive results from its personalized cancer vaccine trial with Merck & Co.
On the macro and global sides, Yahoo Finance reported that US MBA mortgage applications fell 0.4% for the week ended August 14, with the 30-year fixed-rate mortgage unchanged at 6.77%. In addition, the outlet said Middle East tensions helped lift September WTI crude to a fresh three-week high as the Strait of Hormuz remained closed, with the United Arab Emirates cutting economic ties with Iran after accusing Iran of ballistic missile attacks.
Latest closeWTI crude $91.10 ▲3.2%|S&P 500 7,765.36 ▼0.5%|Nasdaq Comp. 27,193.34 ▼1.2%