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US Equity Indexes Rise Despite Further Uptick in Treasury Yields, Firm Oil Prices

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US equity indexes rose in midday trading on Friday, rebounding from a sharp-selloff in the previous session despite a further uptick in Treasury yields and still firm oil prices.

The Nasdaq Composite rose 0.5% to 26,202.1, and the S&P 500 gained 0.5% to 7,682.8. The Dow Jones Industrial Average rose 0.7% to 53,175.9. Materials and the health sectors led the gainers.

The yield on 30-year Treasuries rose 3.8 basis points to 5.275%, while the 10-year yield gained 3.8 basis points to 4.734%.

The US West Texas Intermediate crude oil contract rose 0.09% to $86.91 per barrel.

In economic news, the Bureau of Labor Statistics said that the unemployment rate fell in 10 states in July and held steady elsewhere as the national jobless rate declined to 4.1% from 4.2% in June.

The August flash reading of manufacturing conditions from S&P Global declined to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg.

The index for services conditions rose to a 20-month high reading of 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.0.

Gold futures gained 2.1% to $4,670.4 per ounce, and silver futures rose 1.9% to $69.51.

In equity news, Ross Stores (ROST) shares rose 5%, a day after the company posted a Q2 beat and raise. The company reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier. Analysts polled by FactSet expected $1.95. Revenue for the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier. Analysts projected $6.16 billion. The company boosted its full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.

Broadcom (AVGO) shares rose nearly 1% after a Bloomberg report revealed that the company is in discussions with lenders to raise up to $100 billion in debt for an AI chip financing deal.

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