US Stocks Bounce Back on Treasury Yield Retreat
US stocks closed in positive territory on Thursday after erasing earlier losses. Treasury yields retreated from recent highs, reducing selling pressure and contributing to the rally.
The Dow Jones and Nasdaq settled just 0.04% higher, while the S&P 500 finished up 0.19%. AI and chip stocks led the gains, particularly following Micron Technology's strong quarterly results. The memory-chip maker reported adjusted earnings per share of $33.42, beating expectations, and revenues rose to $54.23bn.
Other semiconductor companies such as Applied Materials, KLA, Analog Devices, Marvell Technology, and Nvidia also performed well. Oracle shares were higher after reports that Chinese tech conglomerate Tencent is leasing 100,000 Oracle chips for its AI agenda.
Accenture's shares surged 16% on stronger fourth-quarter earnings and a revenue growth forecast. The bounceback in the bond market helped repair sentiment, with the 10-year Treasury yield dropping to 5.213% from 5.338%, its highest level in 24 years.