Tech stocks lead a rally on Wall Street as bond yields ease some more

Wall Street indices rallied on Thursday, led by strong gains in major technology stocks and easing Treasury yields, helping markets recoup earlier losses. The tech-heavy Nasdaq composite jumped 1.4% to 26,584.06, while the S&P 500 advanced 1.1% to 7,747.71 and the Dow Jones Industrial Average gained 1.2% to 53,686.11. Megacap tech equities propelled the market, with Meta surging 3%, Microsoft gaining 2.7%, and Apple adding 1%, while Nvidia climbed 1.8% after announcing its $13 billion acquisition of AI platform Hugging Face. Treasury yields retreated, offering relief to equity valuations. The 10-year Treasury yield slipped to 4.77%, and the rate-sensitive 2-year yield dropped to 4.34% after Federal Reserve Governor Christopher Waller indicated the central bank could hold interest rates steady if incoming inflation data shows signs of cooling. Market odds of an imminent rate hike declined from 63.2% to 50.4% following the remarks. Meanwhile, energy markets stabilized with Brent crude settling near $95.52 per barrel despite geopolitical tensions. Investors remain focused on upcoming employment and inflation prints to gauge monetary policy direction.