Nasdaq Surges 1.7% Amid Easing Oil Prices and Lower Yields

The Nasdaq Composite index (IXIC) surged 1.7% to 26,418 on Friday, its strongest session in six weeks. The market rebounded after a recent rate hike by the Federal Reserve, with investors focusing on easing oil prices and lower bond yields.

Lower Treasury yields were particularly beneficial for growth stocks, which are sensitive to yields due to their reliance on future profits. The 10-year Treasury yield slipped from around 5.01% to 4.93%, providing some relief for long-duration technology stocks.

Nvidia and AMD were among the biggest gainers in the chip sector, with Nvidia up over 2% and AMD rising 6.3%. Generac was also a standout single-stock story, surging more than 18% after Amazon agreed to buy backup generators for its data-center network under a deal potentially worth $8 billion.

Japan's Nikkei index rose around 0.8% to 64,646, led by chip stocks such as Lasertec and Advantest. However, the Bank of Japan raised its policy rate by 25 basis points to 1.25%, the highest level in 31 years, resulting in a yen slump.

The dollar remained firm near a seven-week high after the Fed's decision, while gold edged up around 0.3% to $4,350 an ounce. Bitcoin traded near $77,400 and ether around $2,500, both well-bid on Friday morning.