[New York Stock Exchange] Rebounds as Treasury yields keep falling; semiconductors turn higher

[Financial News]  

The NYSE rebounded on the 25th (local time).
The Dow Jones Industrial Average (DJIA) extended its winning streak, which began on the 21st, for a third day. The Standard & Poor's 500 Index (S&P 500) and Nasdaq, which had turned lower the previous day, also recovered on strength in semiconductors.
Meanwhile, Tesla and SpaceX, both of which had weakened the day before, also returned to gains.

The DJIA continued to strengthen. It closed at 53,577.40, up 160.24 points, or 0.30%, from the previous session.
The S&P 500, which broadly reflects market conditions, rose 24.42 points, or 0.32%, to 7,677.28, while the tech-heavy Nasdaq climbed 171.11 points, or 0.66%, to finish at 26,151.30.

Treasury yields, which fell the previous day after reports that Treasury Secretary Scott Bessent could tap the roughly $900 billion Treasury General Account (TGA) to launch large-scale Treasury purchases, continued to weaken for a second day. Treasury yields move inversely to prices. When buying pushes prices higher, yields fall.
The yield on the 30-year U.S. Treasury, a benchmark for long-term rates, plunged 0.07 percentage point from the previous day to 5.161%.
The 10-year yield, a key benchmark for market interest rates, dropped 0.079 percentage point to 4.625%, while the 2-year yield, another short-term benchmark, also fell 0.06 percentage point to 4.176%.

DICK'S Sporting Goods, the parent company of shoe retailer Foot Locker, plunged $55.02, or 30.68%, to $124.31 after cutting its earnings outlook and saying the footwear market faces severe challenges.
DICK'S second-quarter revenue came in at $5.59 billion, below the market forecast of $5.65 billion.
The move was interpreted as a sign that consumers, squeezed by surging fuel prices after the Iran war began on Feb. 28, have started cutting spending on discretionary goods such as shoes.
Moderna, which had already more than doubled on the 19th after upbeat results from a phase 3 trial for a skin cancer vaccine, rose more than 14% again on the day. It jumped $19.63, or 14.36%, to $158.83.
The gains followed Wolfram Research's upgrade of the stock to "market perform (neutral)". In a research note, Wolfram analyst Alexandria Hammond said she expected Moderna to maintain its momentum and remain strong for the time being.
Kura Oncology, a developer of cancer treatments, also surged. The stock jumped after CEO Troy Wilson disclosed that he had bought 100,000 shares of company stock. Insider buying is often seen as a sign of confidence in a company's outlook.
Kura Oncology rose $1.19, or 9.60%, to $13.59.

Semiconductor stocks recovered. The move appeared to be influenced by the rebound in South Korea's KOSPI, which had earlier fallen sharply during the session before turning higher.
Flagship chipmaker NVIDIA Corporation rose $4.57, or 2.19%, to $213.05, while memory leader Micron Technology, Inc. gained $22.54, or 2.48%, to close at $932.97.
Advanced Micro Devices, Inc. (AMD) surged $22.35, or 4.89%, to $479.09, and Intel ended the session up $0.22, or 0.25%, at $87.48.
SK hynix's American Depositary Receipt (ADR) finished trading up $3.62, or 2.33%, at $158.99.
The iShares Semiconductor ETF closed at $513.99, up $7.81, or 1.54%.

Big tech stocks were mixed.
Alphabet Inc. fell $1.72, or 0.49%, to $346.34, and Apple Inc. slipped $0.44, or 0.14%, to $309.90.
Palantir Technologies closed down $2.45, or 1.39%, at $173.44.
By contrast, Tesla rose $1.30, or 0.37%, to $350.25, while SpaceX climbed $3.18, or 2.36%, to $138.17.
Microsoft also finished higher, rising $5.05, or 1.04%, to $492.36.

[email protected] Song Kyung-jae Reporter