from Nvidia work against weakness elsewhere in the market. In the latest example of how good news for the economy isn’t necessarily good for Wall Street, a report suggesting accelerating growth for U.S. business activity raised worries about interest rates staying high.
Concern has grown that Wall Street’s frenzy around the potential for AI has created a bubble where prices have grown too high and expectations have become too tough. But the continued skyrocketing growth for Nvidia, which has grown into one of Wall Street’s most influential stocks, helped lift others only further.
But the majority of stocks were falling on Wall Street as pressure rose on them from rising Treasury yields in the bond market. A couple reports suggesting the U.S. economy remains strong forced traders to rethink some bets about when the Federal Reserve can offer financial markets relief by lowering interest rates.
The yield on the 10-year Treasury rose to 4.47% from 4.43% late Wednesday. The two-year yield, which more closely tracks expectations for action by the Federal Reserve, climbed to 4.92% from 4.87%.
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