Market Stabilizes as Yields Fall Below 5% Threshold

The market ended Thursday on a positive note after a quick opening swing was sold off.

Breadth was good at 63% positive, with the Nasdaq 100 (QQQ) and the Magnificent Seven leading the charge, while the semiconductor group (SMH) rose close to 3%.

The bond market played a key role in this outcome, as yields on the 10-year fell back below 5%, from above that level right after the Federal Reserve on Wednesday. This stabilization allowed chip and big-cap tech names to catch a bid.

Despite some chatter about the return of the Magnificent Seven, it's premature to declare this trend just yet, one good day following a sharp drop is not conclusive evidence of anything.