2023-08-22 04:20:00
The yield on the benchmark 10-year Treasury note rose to the highest level in 15 years
New York – Archyde.com
Posted on: August 22, 2023: 08:20 AM GST Last updated: August 22, 2023: 08:59 AM GST
The Nasdaq index ended trading on Monday, up more than 1%, and the Standard & Poor’s 500 index also rose, as Nvidia shares of chips jumped thanks to investor optimism ahead of its earnings announcement this week and the rise of other technology-related stocks.
The Dow Jones Industrial Average was little changed.
The yield on the benchmark 10-year Treasury note climbed to a 15-year high as investors cautiously eyed the central bankers’ meeting on Thursday in Jackson Hole, Wyoming. Federal Reserve Chairman Jerome Powell is scheduled to speak on Friday.
Investors are keen to follow Powell’s comments at Jackson Hole. Concerns that the US central bank may keep interest rates high for a longer period pushed up Treasury yields and raised concerns about the impact of higher rates on businesses and consumers.
The technology sector gave the biggest boost to Nasdaq and Standard & Poor’s, while the semiconductor index also rose sharply.
Nvidia led the gains among semiconductor stocks, as HSBC raised its target price per share to $780, the second highest on Wall Street.
Nvidia, one of the biggest gainers in AI technology stocks’ rally this year, expects quarterly revenue to be higher than analyst estimates when it reports on Wednesday. The company’s stock is up more than 200% year-to-date now, while the Nasdaq is up nearly 30%.
According to preliminary data, the Standard & Poor’s 500 rose by 30.42 points, or 0.70%, to close at 4,400.13 points, while the Nasdaq Composite rose 206.65 points, or 1.55%, to 13,497.42 points. The Dow Jones industrial average fell 37.40 points, or 0.11%, to 34,463.26 points.
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