Tech lifts Wall Street as French bond yield tops 5%
SPY•US stocks rose as upbeat AI sentiment after quarterly results from SpaceX and Super Micro Computer helped tech earnings dominate. The Nasdaq gained 1%, while France’s 10-year bond yield rose above 5% for the first time since 2002.
1. Tech leads Wall Street higher
Wall Street rose on Wednesday as upbeat AI sentiment following quarterly results from SpaceX and Super Micro Computer helped tech earnings dominate, while energy, currency and US bond markets were relatively calm. The Nasdaq gained 1%, the Dow rose 0.7% and the S&P 500 added 0.6%; the tech sector rose 1.6%.
2. French yields cross 5%
France’s 10-year bond yield rose above 5% for the first time since 2002. A US 20-year Treasury auction drew a bid-to-cover ratio of 2.73, near the higher end of its range over the past year, while its yield was the highest since 1986, some analysts said.
3. Housing and UK pressures
US pending home sales in September fell to their lowest level since records began 25 years ago, housing starts dropped 5.2% to their lowest since the pandemic, and homebuilder sentiment reached a nearly 14-and-a-half-year low. In the UK, September government borrowing rose more than expected and public debt surpassed £3 trillion ahead of finance minister John Healey’s first budget next week.
