US equities rose even as United States (US) Treasury yields pushed higher and markets repriced the Federal Reserve (Fed) outlook towards a more hawkish path, with real yields reaching multi-year highs. The advance was driven by a rebound in chip stocks, as the Philly Semiconductor Index climbed 5.21%, its best daily showing in a month, helping broader benchmarks gain despite weakness under the surface.
US And European Market Performance
The S&P 500 added 0.89% even though most constituents fell on the day. Europe followed the risk-on tone: the STOXX 600 rose 0.56%, while the STOXX Technology Index jumped 3.29%.
Corporate Earnings In Focus
Attention then turned to earnings after the US close from Alphabet and Tesla, with focus on Alphabet’s capital expenditure plans and the market response.
