US Stocks-Wall St rises in broad rebound; yields push markets towards weekly declines

However, Bessent said the United States will impose "the toughest sanctions in history" on Iran, a move he suggested would lessen the need for new major military operations, keeping risk appetite in check. The impasse between Washington and Tehran meant oil prices were higher for a sixth straight day. O/R UBS Global Wealth Management raised its year-end target for the S&P 500 to 8,100, citing a stronger earnings outlook and robust corporate profit growth. A flash estimate of the S&P Global purchasing managers' index survey stood at 53.2 for August, compared with an expectation of 53.9, according to economists polled by Reuters. Attention will now turn to next week's personal consumption expenditures data, the U.S. Federal Reserve's preferred inflation gauge, following tame inflation readings last week that knocked down bets of an imminent central bank rate hike. Fed Chair Kevin Warsh's speech at the Jackson Hole symposium will also be watched, while Nvidia is scheduled to report quarterly earnings next week, in the next test of the AI trade. Advancing issues outnumbered decliners by a 1.79-to-1 ratio on the NYSE and by a 1.89-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and two new lows, while the Nasdaq Composite recorded 64 new highs and 53 new lows. The main U.S. stock indexes recovered on Friday after a hammering in the previous session, though markets were still on track to end the week in the red as rising government bond yields and geopolitical tensions weakened risk sentiment. The S&P 500 .SPX and the tech-heavy Nasdaq .IXIC were set to snap a three-week winning streak, while the Dow .DJI was headed for a second consecutive weekly loss and its steepest weekly decline since mid-March. Tech stocks are set to underperform peers this week, pummeled by a surge in longer-dated Treasury yields. Concerns over ballooning government debt, higher financing costs and persistent inflation fears had pushed up 30-year Treasury bond yields US30YT=RR to a 19-year high on Tuesday. "If you see a durable move lower in the long end of the curve, that will be a tailwind for some of the more growth-oriented areas of the market, of which that AI trade would certainly be front and center," said Jeff Schulze, head investment strategist at the Franklin Templeton Institute. U.S. Treasury Secretary Scott Bessent's announcement on Thursday that the government could further increase its Treasury repurchases after Wednesday's surprise intervention provided short-lived respite. "If yields can stay in the 4.7% to 4.75% range, the markets will look through this and start to trade higher," Schulze said. At 11:47 a.m. ET, the Dow Jones Industrial Average .DJI rose 471.32 points, or 0.89%, to 53,231.61, the S&P 500 .SPX was up 50.26 points, or 0.66%, to 7,691.42, and the Nasdaq Composite .IXIC gained 168.68 points, or 0.65%, to 26,235.84. Ross Stores ROST.O added 4.8% after the value retailer raised its annual profit forecasts and reported better-than-expected second-quarter results. On Friday, healthcare .SPLRCD and financials .SPSY were the biggest boosts to the S&P 500 and were up 1.6% and 1%, respectively. Retail-investor platform Robinhood HOOD.O advanced nearly 13%. Crypto exchange operator Coinbase Global COIN.O added 9.8% and bitcoin-hoarder Strategy MSTR.O rose 7.2% as bitcoin BTC= touched its highest mark since late May. Megacap stocks were mixed as Alphabet GOOGL.O and Microsoft MSFT.O gained about 1% each, while Nvidia NVDA.O and Amazon.com AMZN.O dropped 0.3% each.

US Stocks-Wall St rises in broad rebound; yields push markets towards weekly declines

Inflation data, sanctions and next week's focus

Wall Street rebounds but weekly losses still likely

Yield pressure, Treasury comments and company updates

Healthcare, financials and crypto-linked stocks lead gains

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