Tech Lifts US Stocks as FedEx Up 15% in Late Hours: Markets Wrap
- Treasury 2-year note auction gets expected yield, good demand
- US consumer confidence declines on weaker outlook for economy
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A rally in the world’s largest tech companies lifted stocks, with Nvidia Corp. climbing roughly 7% after a $430 billion rout.
Equities extended their June advance as the giant chipmaker led gains in the “Magnificent Seven” cohort of megacaps. In late trading, FedEx Corp. — a barometer of economic growth — jumped about 15% on a bullish forecast. Rivian Automotive Inc. surged as Volkswagen AG will invest $5 billion to form a joint venture with the electric-vehicle maker. Treasuries barely budged after a $69 billion two-year US sale got the expected yield and good demand, kicking off this week’s trio of auctions.