Live markets: US stocks rise with tech outperforming, oil dips again
SPY•Broader market snapshot
Here is your snapshot from 10:31 a.m. ET (1431 GMT):
- Main U.S. indexes rise; Nasdaq and S&P 500 both up >1%
- Tech leads S&P 500 sector gainers, energy weakest group
- Euro STOXX 600 index advances ~0.9%
- Dollar down; U.S. crude falls ~2%; bitcoin up ~1%; gold gains >2%
- U.S. 10-year Treasury yield falls to ~4.95%
Energy and financials lag
On the other end of the spectrum, energy .SPNY, down 0.5%, and financial services .SPSY, down 0.4%, are among groups on the losing side.
Investors were likely encouraged by the prospect of a second straight day of declines for oil futures on easing supply worries. However, both U.S. crude CLc1 and Brent LCOc1, the international benchmark, are still trading above $100.
Tech and chips outperform
One sector standing out from the crowd is the S&P 500 technology index .SPLRCT, up more than 2%. Within tech, chip stocks are the clear outperformers with the PHLX semiconductor index .SOX up 3%.
US stocks rise as tech leads
Wall Street indexes are higher, with the Nasdaq composite .IXIC up more than 1.5% and the S&P 500 .SPX up slightly more than 1%, outpacing gains in the Dow .DJI, with U.S. equities bouncing back from Wednesday's selloff after the Federal Reserve raised interest rates as expected and flagged more to come as it battles stubborn inflation.
