Tech Stocks Rebound, Treasury Yields Turn Lower: Markets Wrap
- Nike climbs in afterhours trading on quarterly earnings beat
- US stock selloff on pause as oil rally takes a breather
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US stocks rebounded after nearing oversold territory this week, Treasury yields fell while Federal Reserve Chair Jerome Powell sidestepped investor concerns over the outlook for interest rates at an event.
Tech behemoths, including Nvidia Corp. and Meta Platforms Inc., drove equity gauges higher, shaking off a choppy morning session. Stocks also got a boost from Ford Motor Co. and General Motors Co. after the United Auto Workers was said to dial back the wage increases the union was seeking for workers. The S&P 500 gained 0.6% while the Nasdaq 100 advanced 0.8%. Nike Inc. climbed 3.7% in postmarket trading after first quarter earnings beat analysts’ estimates.