Description

▸ Wall Street’s Nas­daq extends bounce­back as tech jit­ters recede

▸ Japan­ese bond yields climb to their highest level since 1999

▸ Global crude oil, gold and bit­coin prices all advance

Wall Street stocks rose yes­ter­day as mar­kets exten­ded a rebound from recent tech jit­ters.

The Nas­daq Com­pos­ite index was up 1 per cent by early after­noon in New York while the blue-chip S&P 500 index rose 0.8 per cent.

The moves con­tin­ued the pre­vi­ous day’s rally when equit­ies were boos­ted by lower than expec­ted infla­tion data and memory chip­maker Micron’s strong earn­ings.

Micron’s res­ults had “reignited optim­ism in the AI trade”, said Ulrike Hoff­mann-Burch­ardi, global head of equit­ies at UBS Global Wealth Man­age­ment.

Dis­ap­point­ing earn­ings from Oracle and Broad­com last week triggered a broader tech-sell off amid linger­ing con­cerns over high tech sec­tor valu­ations.

Shares in Oracle climbed 7.7 per cent after Tik­Tok owner Byte­Dance signed a deal with the com­pany and oth­ers to allow it to con­tinue oper­at­ing the app in the US, resolv­ing a year-long saga over the coun­try’s national secur­ity law.