(Bloomberg) — A rally in some of the world’s largest technology companies fueled a rebound in stocks, with traders also weighing the latest economic data and Fedspeak for clues on the US central bank’s next steps.
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After a back-to-back slide, the S&P 500 bounced back as volatility in the bond market abated. The megacap space, which bore the brunt of the selling in the past few days, outperformed as Apple Inc. climbed on an analyst upgrade while Taiwan Semiconductor Manufacturing Co.’s bullish outlook lifted chipmakers.
Wall Street traders were roughly unfazed by data underscoring the resilience of the labor market, with jobless claims falling to the lowest since September 2022. While Treasury yields pushed higher in the immediate aftermath of the report, the move quickly lost steam. Among notable speakers, Fed Bank of Atlanta President Raphael Bostic reiterated he doesn’t expect policymakers to cut…
