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US Equity Indexes Rise Despite Surging Bond Yields

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US equity indexes rose markedly ahead of the close on Friday after a sharp selloff in the previous session, even as the rise in bond yields shows no signs of slowing down.

The Nasdaq Composite rose 0.4% to 26,184.9, and the S&P 500 gained 0.5% to 7,679.5. The Dow Jones Industrial Average rose 1% to 53,335. Materials and the health sectors led the gainers.

The yield on 30-year Treasuries rose 3.9 basis points to 5.276%, while the 10-year yield gained 3.8 basis points to 4.736%.

The US West Texas Intermediate crude oil contract fell 0.05% to $86.79 per barrel.

In economic news, Bureau of Labor Statistics data revealed that the unemployment rate fell in 10 US States in July and remained steady elsewhere. The largest unemployment rate declines were observed in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island. The national unemployment rate was reported at 4.1% in July, down from 4.2% in June.

The August flash reading of manufacturing conditions from S&P Global fell 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 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.

Gold futures gained 2.3% to $4,679.8 per ounce, and silver futures rose 2.1% to $69.57.

Jupiter Neurosciences (JUNS) shares rose 16% after it said it priced a direct offering of 307,692 shares for gross proceeds of $2 million. The offering is expected to occur Aug. 24, with D. Boral Capital as placement agent.

In equity news, Ross Stores (ROST) shares rose 4.5%, 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.

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