Treasury Yields Slide as Wall Street Rises on Nvidia Deal

Wall Street indexes rose more than 1% each on Thursday as investors regained confidence after a few turbulent sessions.

The positive sentiment was fueled by a slide in U.S. Treasury yields, which hit multi-year highs due to concerns about inflation and debt issuance. However, Federal Reserve Governor Christopher Waller's comments supporting a hold in the federal funds rate provided some relief.

Waller stated that recent data suggest disinflationary signs, and if this trend continues, he would be inclined to support maintaining the current interest rate target.

The technology sector also saw significant developments, with Nvidia confirming its agreement to buy open-source AI platform Hugging Face for nearly $13 billion. Meanwhile, oil prices remained elevated due to military aggression from Iran towards U.S. bases in Kuwait.