U.S. Stocks Rebound Despite Rising Treasury Yields... Tesla Surges 5%

[Financial News]  

U.S. stocks bounced back a day later on the 21st local time. For the week, however, all three major indexes fell, with the Nasdaq dropping more than 2%.
Semiconductor stocks struggled, with NVIDIA Corporation falling by nearly 1%. Big tech names were mixed, while Tesla surged more than 5%.

All three major indexes rebounded after one day.
The Dow Jones Industrial Average led the gains, closing at 53,277.01, up 517.80 points, or 0.98%, from the previous session.
The technology-heavy S&P 500 and Nasdaq posted only modest gains as Treasury yields recovered.
The S&P 500 rose 33.21 points, or 0.43%, to 7,674.37, while the Nasdaq gained 113.29 points, or 0.44%, to finish at 26,180.46.
The Nasdaq 100, which tracks 100 major technology stocks, ended the session at 29,308.86, up 95.69 points, or 0.33%.

Treasury yields rose for a second straight day as the effect of U.S. Treasury Secretary Scott Bessent's plan to buy back long-term government bonds, which had drawn criticism as a stopgap measure, faded after just one day.
The yield on the 30-year U.S. Treasury, a benchmark for long-term rates, rose 0.036 percentage points to 5.273%. The 10-year yield, a key gauge for market rates, also climbed 0.036 percentage points to 4.734%.
The 2-year yield, which moves with market expectations for Federal Reserve System (Fed) policy, jumped 0.047 percentage points to 4.232%.

Most semiconductor stocks had a rough session, weighed down by rising Treasury yields.
Market leader NVIDIA Corporation fell $2.13, or 0.98%, to $214.72, while memory chip leader Micron Technology, Inc. closed down $7.55, or 0.77%, at $966.78.
By contrast, SK hynix American Depositary Receipt (ADR) rose $0.33, or 0.20%, to $163.41, and Broadcom Inc. gained $4.42, or 1.21%, to close at $368.45.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL), an exchange-traded fund (ETF) that bets on gains in semiconductors, fell $1.61, or 1.32%, to $120.60. That is more than 60% below its intraday record high of $302.00 in June.

Big tech stocks were mostly strong, except for Apple Inc.
Elon Musk's Tesla and SpaceX both posted sharp gains, while Alphabet Inc. and Palantir Technologies also advanced.
Tesla surged $17.73, or 5.14%, to $362.86, and SpaceX rose $2.97, or 2.22%, to $136.97.
Alphabet Inc. climbed $4.15, or 1.22%, to $344.82, and Palantir Technologies jumped $5.98, or 3.44%, to $179.94. Microsoft (MS) also ended the session up $2.09, or 0.43%, at $483.24.
Apple Inc. fell after reports of layoffs in its Siri and Apple Vision Pro divisions. The stock dropped $1.95, or 0.63%, to $309.35.

[email protected] Song Kyung-jae Reporter