Tech Stocks Soar Alongside Falling Treasury Yields
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite indices rose by over 1% on Thursday amid falling U.S. Treasury yields and gains in key tech stocks.
Nvidia (NVDA.US) led the gains among Big Techs with a 1.8% increase, followed closely by Snowflake (SNOW.US), which jumped 16.6% after releasing well-regarded earnings on Wednesday evening.
Other notable gainers included Tesla (TSLA.US), which rose 6.7% ahead of its Cybercab unveiling, and Palantir (PLTR.US), which rallied 7.7% on a deal with PwC to create products for safely deploying artificial intelligence.
The rally was also fueled by falling U.S. Treasury yields, with the 10-Year Treasury Notes Yield (US10Y.BD) dropping after Federal Reserve Gov. Christopher Waller expressed opposition to raising the central bank's Federal Funds rate later this month.