Julia Nikhinson/AP
A drop in oil prices took some heat off the stock market, a day after crude reached its highest price of the year. Treasury yields also relaxed to give the stock market more of a breather, particularly Big Tech companies.A 2.1% climb for Meta Platforms and 1.5% gain for Nvidia were two of the strongest forces lifting the S&P 500.
The threat of higher rates for longer has pushed Treasury yields up sharply in the bond market. The yield on the 10-year Treasury climbed above 4.67% in the morning, near its highest level since 2007. It later fell back to 4.57%, down from 4.61% late Wednesday.The two-year Treasury yield, which moves more on expectations for Fed action, slipped to 5.06% from 5.14%.One said fewer workers applied for unemployment benefits last week than economists expected.
“Until there’s a clear break from this holding pattern, investors will be living with a hawkish Fed, higher-for-longer interest rates and, likely, additional market volatility,” he said. On Wall Street, Peloton Interactive jumped 5.4% after the online exercise bike and fitness company announced a five-year partnership with athletic wear maker Lululemon Athletica.
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