U.S. stocks rose on Friday, trimming weekly losses despite a jump in the 10-year Treasury yield to 4.73% and persistent oil market volatility tied to Middle East tensions. Meanwhile, Asian and Indian indices rebounded after the U.S. Treasury announced plans to expand long-dated debt buybacks.
Wall Street Trims Weekly Losses Despite Rising Bond Yields
U.S. stocks advanced on Friday, paring losses from a volatile week even as the bond market maintained intense pressure on investors, according to reporting from AP News. The S&P 500 rose 0.4%, securing only its second gain in the six sessions since hitting an all-time high. The Dow Jones Industrial Average climbed 1%, and the Nasdaq composite added 0.4%.
The bond market remained the focal point of Wall Street activity. The yield on the 10-year Treasury rose to 4.73% from 4.69% late Thursday, returning above its level prior to the Treasury intervention. Meanwhile, the 30-year Treasury yield neared its highest level since 2007.
Geopolitical uncertainty also weighed on sentiment. Ongoing questions regarding when tankers will safely exit the Persian Gulf amid the war with Iran caused crude oil prices to fluctuate, amplifying inflation concerns that directly influence Treasury yields.
Ross Stores Rallies and Corporate Earnings Drive Optimism
Ross Stores climbed 4.8% after delivering stronger profit and revenue numbers for the latest quarter than analysts anticipated. Chief Executive Officer Jim Conroy attributed the success to an influx of new shoppers, higher engagement from existing customers, and financial benefits from tariff refunds.
Most domestic companies reported stronger spring profits than analysts projected, anchoring the broader market’s recent record-setting run. Because stock prices historically track corporate profit trajectories over the long term, strong growth helped investors look past short-term rate anxieties.
Global Markets Rebound as U.S. Treasury Buybacks Ease Yields
Across international markets, indices recovered following intervention by Washington. Benchmark Indian indices Sensex and Nifty rebounded after multi-day losing streaks as easing U.S. Treasury yields improved global risk sentiment. The 30-share BSE Sensex jumped 504.32 points to 77,416.16, while the NSE Nifty climbed 118.85 points to 24,198.55.
“Indian equity markets are expected to trade with a firmer undertone, supported by an overnight rebound on Wall Street and gains across Asian markets after easing US Treasury yields improved global risk sentiment.”
Ponmudi R, CEO of Enrich Money
Asian markets participated in the broader relief rally. South Korea’s Kospi surged 5.74%, alongside gains in Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng index.
Chip Stocks Snap Slumps While Bitcoin and Gold Surge
Wall Street tech shares also staged a recovery, reversing post-Federal Reserve policy losses as chip stocks snapped a multi-day downturn. Microsoft shares jumped 15%, marking their best single-day gain since October 2008 and adding nearly $450 billion in market capitalization—the largest single-day value addition for any stock in history.
While interest rate pressures challenged traditional equities, alternative assets rallied. Concurrently, gold prices briefly topped $4,690 per ounce as the Treasury’s buyback initiative weakened the U.S. dollar against foreign currencies.
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