The three major U.S. stock indexes rebounded across the board after four sessions, closing higher.
By sector, materials, communication services, and financial stocks posted gains of over 1%.
Wall Street succeeded in rebounding as the recent sharp surge in U.S. Treasury yields, which had been weighing down the stock market, subsided and bargain hunting flowed in.
What steered the market's direction on this day was Treasury yields.
The yield on the 10-year U.S. Treasury briefly spiked to 4.81% during the session, but subsequently gave up its gains and settled back down near flat levels.
The Federal Reserve's Beige Book, a report on economic conditions released on this day, assessed that the U.S. economy grew at a modest pace over the past two months.
However, businesses diagnosed that uncertainty surrounding high energy prices and international conflicts has grown.
In particular, the lingering geopolitical risks in the Middle East, which stimulate inflation anxiety, remain a burden.
As the United States launched additional military strikes against Iran, concerns over a broader conflict escalated, and in the wake of this, West Texas Intermediate crude traded around the 91 dollars per barrel mark, sustaining upward pressure on energy prices.
Among individual stocks, NVIDIA led the rebound by surging more than 3%, while Dell skyrocketed over 15% after raising its annual earnings outlook.
On the other hand, Broadcom, which reported third-quarter earnings that beat market expectations, showed weakness in after-hours trading as its revenue outlook for the next quarter fell short of market expectations.
Tomorrow (the 4th), the July trade balance, a speech by Federal Reserve Governor Christopher Waller, and the release of the August ISM Services Purchasing Managers' Index are scheduled.
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