Stocks Rise as Tech Strength Weathers Bond Swings: Markets Wrap

(Bloomberg) — Stocks staged a cautious rebound as gains in several technology companies helped offset worries about elevated Treasury yields and oil prices.

The bounce in equities sent the S&P 500 mildly up after the gauge’s worst month since June. A measure of tech megacaps outperformed the broader market. Benchmark 10-year yields hit the highest since 2002. Brent crude hovered near $100 a barrel. The dollar rose for a fourth straight day.

Despite the headwinds of higher energy costs and rates, stocks have shown resilience amid earnings growth fueled in part by artificial intelligence and productivity gains driven by the technology, according to Paul Stanley at Arca.

“We remain bullish on stocks for the fourth quarter thanks to continued earnings gains, fading uncertainty post-midterm elections, and the seasonal strength that typically accompanies the end of the year,” he said.

Meantime, Federal Reserve Bank of Minneapolis President Neel Kashkari said he doesn’t know how high interest rates will have to go to cool prices, adding it’s the central bank’s job to tame inflation after five years of supply shocks.

“We will do what we need to do to get inflation back down to our target,” Kashkari said Thursday during an interview on Bloomberg Television. “Now, the question is ultimately how high” rates have to go, he said. “I don’t know the answer to that.”

Corporate Highlights:

Micron Technology Inc. gave an upbeat forecast for the current quarter, fueled by the AI building frenzy, though the chipmaker warned that rising compensation would weigh on profit margins. Broadcom Inc. has agreed to lend Anthropic PBC as much as $42 billion to lease its chips, according to Reuters, an arrangement that could add to concerns about circular dealmaking between the key players in the artificial-intelligence boom. Amazon.com Inc. has agreed to purchase 690 megawatts of power from Constellation Energy Corp. in a deal that will help the biggest US nuclear operator boost capacity at the only reactors in Maryland. Accenture Plc, the technology consulting firm that’s under pressure to show it can help clients adopt artificial intelligence and can undergo such a transition itself, reported that it booked more business in the fourth quarter than analysts had expected. Tencent Holdings Ltd. agreed to lease advanced AI chips from Oracle Corp. in Southeast Asia in the Chinese company’s biggest such deal yet, the Financial Times reported. Taiwan Semiconductor Manufacturing Co. is weighing a new campus in Texas that would add tens of billions of dollars in new investment to the company’s multiyear expansion into chipmaking in the US. Some of the main moves in markets:

Stocks

The S&P 500 rose 0.2% as of 9:44 a.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 fell 0.9% The MSCI World Index fell 0.1% Currencies

The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.4% to $1.1286 The British pound fell 0.3% to $1.3224 The Japanese yen fell 0.4% to 157.98 per dollar Cryptocurrencies

Bitcoin rose 0.3% to $83,851.35 Ether rose 0.6% to $2,695.85 Bonds

The yield on 10-year Treasuries advanced four basis points to 5.32% Germany’s 10-year yield declined one basis point to 3.58% Britain’s 10-year yield advanced three basis points to 5.45% Commodities

West Texas Intermediate crude rose 1% to $91.32 a barrel Spot gold was little changed ©2026 Bloomberg L.P.