US close: Stocks rise as Treasury selling pressure subsides

(Sharecast News) - US stocks erased earlier losses to finish in positive territory on Thursday as Treasury yields retreated from recent highs, though upside was limited as mostly improved economic data reinforced expectations of tighter monetary policy. The Dow and Nasdaq both settled just 0.04% higher, while the S&P 500 finished the session up 0.19%, with AI and chip stocks in particular performing well after a bullish set of results from Micron Technology.

"[Bond yield] fears have been offset by more good news from stocks that are significant beneficiaries of the AI boom," said AJ Bell's head of financial analysis Danni Hewson. "Chipmaker Micron's blockbuster update helped lift sentiment, especially within the tech-heavy Nasdaq, and oil companies were also boosted by a 3% jump in the price of Brent crude after China suspended fuel exports."

Semiconductor group Micron posted stronger‑than‑expected quarterly results after the close on Wednesday as the memory‑chip maker continued to benefit from surging demand for AI infrastructure, with the shares edging higher in after‑hours trade. Micron said adjusted earnings per share came in at $33.42, ahead of the $31.61 expected on the Street, while revenues rose to $54.23bn, topping forecasts of $51.07bn and almost quadrupling from $11.32bn a year earlier.

Others in the sector also performed well, including Applied Materials, KLA, Analog Devices, Marvell Technology and Nvidia.

Oracle shares were also higher on the back of reports that Chinese tech conglomerate Tencent is to lease 100,000 Oracle chips as it ramps up its AI agenda.

In other equity news, Accenture shares surged 16% after the consulting giant reported stronger fourth-quarter earnings and forecast further revenue growth in the new financial year. Chief executive Julie Sweet said Accenture had exceeded the top end of its fourth-quarter revenue guidance and recorded a quarterly high of 141 client bookings worth at least $100m each.

A bounceback in the bond market helped to repair sentiment on Thursday after Treasury yields climbed to a multi-decade high the previous evening. The 10-year Treasury yield dropped to 5.213% after hitting 5.338% previously, its highest in 24 years.



In economic data, US employers announced 43,281 job cuts in September, according to Challenger, Gray & Christmas, down from 52,881 in August and 54,064 a year earlier, marking the lowest September total since 2022.

Initial jobless claims fell by 1,000 to 197,000 in the week ended 26 September, better than expectations for an increase to 200,000 and in keeping with a recent run of low claim counts since hitting an almost 60-year low of 189,000 in mid July.

The S&P Global US manufacturing PMI rose to 55.9 from 53.9 in August, the highest reading since May 2022, while the ISM US manufacturing PMI eased slightly to 54.5 from 54.6 but still marked a ninth straight month of growth.

Finally, US construction spending rose 0.9% to an annualised $2.2trn in August, according to the Census Bureau. Despite the monthly gain, total spending remained 1.7% below year‑earlier levels.



Dow Jones - Risers

Boeing Co. (BA) $192.28 3.35% Salesforce.Com Inc. (CRM) $236.69 3.10% International Business Machines Corporation (CDI) (IBM) $225.62 2.59% Caterpillar Inc. (CAT) $826.35 1.92% Travelers Company Inc. (TRV) $361.64 1.44% Chevron Corp. (CVX) $207.10 1.42% Cisco Systems Inc. (CSCO) $108.76 0.97% JP Morgan Chase & Co. (JPM) $333.18 0.71% McDonald's Corp. (MCD) $231.83 0.39% Intel Corp. (INTC) $120.00 0.33%

Dow Jones - Fallers

Amgen Inc. (AMGN) $407.27 -3.93% Walt Disney Co. (DIS) $101.33 -3.40% Johnson & Johnson (JNJ) $258.66 -2.30% Merck & Co. Inc. (MRK) $143.81 -1.03% Procter & Gamble Co. (PG) $143.95 -0.92% Home Depot Inc. (HD) $282.46 -0.71% Nike Inc. (NKE) $35.15 -0.71% 3M Co. (MMM) $163.02 -0.69% American Express Co. (AXP) $302.09 -0.66% Apple Inc. (AAPL) $330.32 -0.60%

S&P 500 - Risers

Synopsys Inc. (SNPS) $490.54 17.17% Mattel Inc. (MAT) $15.04 17.13% Accenture Plc (ACN) $212.30 15.78% Cadence Design Systems Inc. (CDNS) $350.73 8.40% Dxc Technology Company (DXC) $11.64 7.48% Cognizant Technology Solutions Corp. (CTSH) $60.88 7.35% Marathon Petroleum Corporation (MPC) $420.15 6.25% Gen Digital Inc. (GEN) $22.25 6.21% Valero Energy Corp. (VLO) $408.46 5.38% McKesson Corp. (MCK) $898.82 5.27%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $46.99 -20.77% Coterra Energy Inc. (CTRA) $32.56 -8.62% Skyworks Solutions Inc. (SWKS) $83.16 -5.83% Perrigo Company plc (PRGO) $14.02 -5.01% Incyte Corp. (INCY) $117.14 -4.98% McCormick & Co. (MKC) $44.14 -4.87% Danaher Corp. (DHR) $211.76 -4.42% Qorvo, Inc. (QRVO) $112.21 -4.27% FMC Corp. (FMC) $8.56 -4.04% Vertex Pharmaceuticals Inc. (VRTX) $506.74 -4.02%

Nasdaq 100 - Risers

Synopsys Inc. (SNPS) $490.54 17.17% Cadence Design Systems Inc. (CDNS) $350.73 8.40% Cognizant Technology Solutions Corp. (CTSH) $60.88 7.35% Gen Digital Inc. (GEN) $22.25 6.21% Intuit Inc. (INTU) $282.78 4.84% Lam Research Corp. (LRCX) $340.10 4.32% Autodesk Inc. (ADSK) $211.31 4.05% Applied Materials Inc. (AMAT) $529.30 3.51% Seagate Technology Plc (STX) $945.57 3.18% Adobe Systems Inc. (ADBE) $241.28 3.11%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49% Skyworks Solutions Inc. (SWKS) $83.16 -5.83% Incyte Corp. (INCY) $117.14 -4.98% Vertex Pharmaceuticals Inc. (VRTX) $506.74 -4.02% Amgen Inc. (AMGN) $407.27 -3.93% Liberty Global plc Series A (LBTYA) $8.92 -3.88% Illumina Inc. (ILMN) $265.72 -3.78% Broadcom Inc. (AVGO) $343.64 -3.43% Netflix Inc. (NFLX) $67.85 -3.23% DENTSPLY Sirona Inc. (XRAY) $8.74 -3.10%