US Markets Steady as Treasury Yields Ease

US equities steadied on Thursday as Treasury yields eased, providing some relief to markets that had been under pressure from rising borrowing costs. The S&P 500 rose 0.2% after three consecutive losing sessions, with healthcare leading the advance.

Moderna surged 177% following news that its personalised cancer vaccine, developed with Merck, reduced the recurrence of melanoma in a late-stage trial. Merck gained 12.6%. The rebound came after technology and semiconductor stocks had taken a hit from investors reassessing their valuations against higher bond yields.

US Treasury yields fell sharply after the government announced plans to increase buybacks of longer-dated debt, providing some relief to the bond market. The US 10-year yield dropped 6 basis points to 4.64%. The decline in yields was accompanied by a drop in the US dollar and sharp increases in gold and Bitcoin prices.

Australia's S&P/ASX 200 futures pointed to a higher open, up 27 points or 0.3% to 9,034, as investors await the August reporting season and consider the impact of rising global bond yields on domestic equities.