US stocks were mostly higher on Thursday, as gains in traditional economic sectors offset weakness in chipmakers after the recent surge in Treasury yields paused. The S&P 500 rose 0.5% and the Dow added 0.8%, while the Nasdaq 100 edged lower. Equities snapped a recent pullback that had been driven by rising expectations of a Federal Reserve rate hike this month.
Treasury yields stabilized despite fresh yen-support intervention by Tokyo. Credit-sensitive software names outperformed, with Microsoft, Palantir, Meta, and Tesla each climbing more than 3%.
In contrast, Broadcom fell 5% even after reporting a 221% year-on-year increase in quarterly revenue, as results failed to reach the upper end of analysts’ estimates. AI infrastructure stocks tracked the weakness in chips, with Sandisk and Marvell losing more than 1%. Hewlett Packard Enterprise also declined 4.3% after its earnings missed expectations.
