Market Rally Boosted by Lower Bond Yields, But Chip Stocks Drag

The S&P 500 Index is up by +0.33% today, while the Dow Jones Industrial Average is up by +0.47%, and the Nasdaq 100 Index is down by -0.33%. The broader market is supported by lower US bond yields, which dropped to 4.64% after the Treasury announced increased liquidity measures.

The Nasdaq 100 fell to a 1.5-week low due to weakness in chipmaker and AI-infrastructure stocks. However, Moderna surged over +110% after announcing positive results from its personalized cancer vaccine trial with Merck & Co.

US Energy Secretary Chris Wright stated that the US is playing the long game with Iran, implying no plans for de-escalation. This could limit crude supplies from the Middle East, keeping upward pressure on oil prices.