NEW YORK — U.S. stocks eked out a rebound after three losing sessions as the recent surge in Treasury yields lost steam.
The Dow Jones Industrial Average closed on the 2nd at 53,061.95, up 295.07 points, or 0.56%, from the previous session. The Standard & Poor's 500 rose 35.13 points, or 0.46%, to 7,666.60, while the Nasdaq Composite gained 118.05 points, or 0.45%, to 26,217.83.
Among the largest stocks by market capitalization, Nvidia climbed 3.21%. Amazon rose 0.02%, Google parent Alphabet 0.63%, TSMC 0.36%, Meta 2.47%, SK hynix 2.46% and Micron 2.43%. Apple fell 0.05%, Microsoft 0.84%, SpaceX 1.07% and Broadcom 0.66%, bucking the broader advance. PC maker Dell surged 15.81% after raising its fiscal 2027 outlook, citing strength in its artificial intelligence services business.
The market turned higher as Treasury yields, which had spiked in recent sessions, steadied late in the day. The yield on the 10-year Treasury note, the global benchmark, fell 0.014 percentage point to 4.782%, while the 30-year yield, a reference for mortgage rates, slipped 0.007 percentage point to 5.260%. The two-year yield, which is sensitive to monetary policy, declined 0.023 percentage point to 4.371%. Earlier in the session, yields had extended their climb, with the two-year reaching 4.410%, the 10-year 4.818% and the 30-year 5.296%, before reversing course.
Oil prices rose for a third consecutive session as military exchanges between the United States and Iran intensified. Brent crude futures for November delivery settled 1.04% higher at $95.63 a barrel on the ICE Futures Europe exchange in London. West Texas Intermediate futures for October delivery closed 0.88% higher at $91.01 a barrel on the New York Mercantile Exchange. Brent was at its highest since July 24 and WTI since July 23.
U.S. forces struck radar and mine-laying capabilities along Iran's southern coast the previous day, and Iran retaliated with attacks on U.S. bases in the region. Asked at the White House how long renewed strikes on Iran would continue, President Donald Trump said he did not know how much longer Iran could hold out but that it did not matter, adding that it would not last too long. Trump said Iran had been trying to rebuild its radar, missile and mine-laying systems, and that the United States had eliminated them because Tehran was attempting to build rockets that fire mines. He said the previous night's attack had been very powerful and that Washington was ready to resume strikes whenever it wanted.
Trump also referred to the Strait of Hormuz as the "TRUMP STRAIT" on Truth Social, his social media platform. He suggested renaming the waterway now that it was under U.S. control, saying it would become hotter than ever, like America.
New York Federal Reserve President John Williams struck a cautious note on the path of monetary policy in a CNBC interview, saying officials would have to wait and see. The New York Fed chief is regarded as the effective No. 2 at the Federal Reserve as the only regional bank president with a permanent vote on the Federal Open Market Committee. Williams said there was no clear signal on whether current policy was sufficient or whether further action was needed, and argued that inflation was easing as the impact of tariffs faded and rising energy prices did not spread to other services.
