Tech Stocks Boost Wall Street Amid Bond Yield Pressure

Despite rising bond yields causing ripples in financial markets worldwide, Wall Street showed resilience on Thursday, thanks largely to strong performances from tech stocks.

The S&P 500 rose by 0.3% and was poised to break a three-day losing streak. The Dow Jones Industrial Average climbed 211 points (0.4%) as of 9:35 a.m. Eastern time, while the Nasdaq composite gained 0.5%. Technology stocks led the charge, with Micron Technology's positive profit report contributing to the uptick.

Micron CEO Sanjay Mehrotra attributed their success to the AI boom, which is driving demand for memory chips. While Micron's stock itself dipped by 0.1%, other AI-related stocks saw gains: Nvidia rose 0.6% and Alphabet climbed 1.5% after Google released its latest AI model, Gemini 4 Argon.

However, the bond market remains a concern, with yields near their highest level since 2002. The 10-year Treasury yield edged up to 5.30%, making borrowing more expensive and potentially slowing economic growth. Oil prices also continued their upward trend, reaching US$99.88 per barrel of Brent crude oil.