Stocks Rise as Bond Yields Fall, but Chipmakers Continue to Struggle

The stock market is experiencing a mixed day, with some sectors performing better than others. The S&P 500 Index ($SPX) (SPY) is up by +0.58%, while the Nasdaq 100 Index ($IUXX) (QQQ) has rebounded from its 1.5-week low but only slightly, rising by +0.07%. The Dow Jones Industrial Average ($DOWI) (DIA) is also up by +0.55%

The broader market's gains are being supported by lower US bond yields. The 10-year T-note yield has dropped -6 bp to 4.64%, following the US Treasury's announcement that it will boost liquidity and double the size of buybacks for longer-dated nominal coupon securities to at least $4 billion.

However, some sectors are struggling. Chipmaker and AI-infrastructure stocks continued their decline today, limiting gains in the Nasdaq 100. Weakness in these areas is being driven by a combination of factors, including rising oil prices due to ongoing tensions in the Middle East and concerns about the impact on global supply chains.

On the positive side, Moderna (MRNA) surged more than +120% today after announcing a positive result from its personalized cancer vaccine trial with Merck & Co. This news has helped to boost sentiment in the market and contributed to the overall gains seen so far today.