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US Equity Indexes Rise as Markets Attempt Rebound After Sharp Selloff Amid Elevated Oil Prices, Treasury Yields

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US equity indexes rose after midday on Friday as markets attempted to rebound following a sharp selloff in the previous session due to surging Treasury yields and oil prices.

The Nasdaq Composite rose 0.5% to 26,188.4, and the S&P 500 gained 0.4% to 7,676.7. The Dow Jones Industrial Average rose 0.8% to 53,184.6. Materials and health sectors led the gainers, while utilities led the decliners.

The yield on 30-year Treasuries rose 3.7 basis points to 5.274%, while the 10-year yield gained 3.4 basis points to 4.732%.

The US West Texas Intermediate crude oil contract rose 0.5% to $87.28 per barrel.

President Donald Trump said in a Truth Social post that he closed a deal to "substantially" lower the price of ground beef for US consumers, and will allow up to 300,000 metric tons of the commodity to be imported with no out-of-quota tariff. "We have a commitment that this beef will be sold at 25% below current market prices," according to the post.

In economic news, the Bureau of Labor Statistics said the US unemployment rate fell in 10 states in July and held steady elsewhere. The largest declines were in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island, while South Dakota recorded the lowest at 2%. 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 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 2.4% to $4,681.8 per ounce, and silver futures rose 2.4% to $69.75.

In equity news, Ross Stores (ROST) shares rose 5.4%, a day after the company posted a fiscal 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. Sales 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.

RF Acquisition Corp II (RFAI) shares rose nearly 200% after company shareholders approved its merger with Nanyang Biologics at an extraordinary general meeting, according to a US Securities and Exchange Commission filing.

Broadcom (AVGO) shares rose 0.5% after a Bloomberg report said 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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US Equity Indexes Fall as Oil Prices Rise After Trump's 'Economic D-Day' Warning to Iran

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Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH