US Stocks Buoyed by Big Tech Gains as Yields Slide: Markets Wrap
- Traders dial back odds of an interest rate hike this year
- US bond market yields fall after touching multi-year highs
WATCH: BMO's Lyngen Is 'On The Sidelines' Until 10Y Yields Hit 5%
Source: BloombergThis article is for subscribers only.
The selloff in stocks and bonds got a reprieve Wednesday as traders parsed US data and increased bets that the Federal Reserve can refrain from further interest rate increases.
Equity gauges touched session highs in the final minutes of trading with the Nasdaq 100 rising 1.4% after a final leg higher in the tech sector. Tesla Inc. was at the forefront of the advance in large-cap tech names that also included Microsoft Corp., Amazon.com Inc. and Apple Inc. The S&P 500 rose 0.8% to close around 4,264, above a key level that would have signaled more pain ahead according to technical analysts.