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Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move

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Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move

US benchmark equity indexes were advancing intraday and Treasury yields dropped as markets remained split over the Federal Reserve's next move.

The Nasdaq Composite was up 1.3% at 26,569.6 after midday Thursday, while the Dow Jones Industrial Average rose 1.1% to 53,653.9. The S&P 500 climbed 1% to 7,744.5. The indexes finished the previous trading session higher, snapping a three-day losing streak.

Except materials all sectors were in the green intraday Thursday, led by consumer discretionary.

Treasury yield were lower intraday, with the two-year yield down 4.8 basis points at 4.34% and the 10-yield yield falling 3.8 basis points to 4.76%.

Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.

Markets are now evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday.

West Texas Intermediate crude oil rose 0.5% to $91.45 a barrel intraday, while Brent was little changed at $95.66.

In company news, shares of Broadcom (AVGO) fell 2.9% intraday after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.

Snowflake (SNOW) jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.

Ciena (CIEN) was the worst performer on the S&P 500, down 9.3%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.

Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 9.4%.

Spot gold rose 2.4% to $4,487.83 per troy ounce, while silver advanced 3.4% to $67.66 per ounce.

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