US MARKET CLOSE | US Stocks Rise as Nvidia Gains Over 3%; 10-Year Treasury Yield Hits 4.814%, Highest Since November 2023

US stocks closed broadly higher, with the Dow up 0.56%, the S&P 500 up 0.46% and the Nasdaq up 0.45%, even as bond yields climbed and traders worried that rising oil prices would fuel inflation, according to Sina Finance. Dell rose 15.76%, United Airlines gained 3.56%, while Palo Alto Networks fell 9.28%, PG&E dropped 5.23% and CBRE Group Class A slid 1.65%. Among the "Magnificent Seven," Nvidia rose 3.21%, Meta Platforms gained 2.47%, Alphabet added 0.53% and Tesla edged up 0.26%, while Microsoft fell 0.84% and Apple slipped 0.05%. The US benchmark 10-year Treasury yield spiked to 4.814%, its highest since November 2023, while the 30-year yield held near 5.29%, close to a 19-year high. Yields on UK, German and French bonds rose in tandem, and Japan's 10-year yield stayed above 3%, a 30-year high. Australia's 10-year yield climbed to 5.198%, the highest in more than 15 years, and German bund futures fell to their lowest since 2011. In Europe, the Stoxx 600 fell 0.49%, with Germany's DAX down 0.7%. In Asia-Pacific, Japan's Nikkei 225 dropped 2.85%, South Korea's Kospi fell 4%, and China's CSI 300 declined 1.38%. Traders now see more than a 50% chance that three major central banks raise rates this month, with the odds of a Federal Reserve hike in September near 70%, and 69% according to LSEG data. Fed Chair Kevin Warsh signaled the central bank may need to act as inflation is not falling to target fast enough. Analysts cited persistent supply shocks, rising commodity prices, heavy capital demand and higher neutral rates and term premiums as forces pushing yields up. JPMorgan Asset Management estimated the six largest hyperscale cloud firms could add about 1.5 trillion dollars more in debt without straining their finances, noting their bonds already make up about 5% of the US investment-grade index, double the level two years ago.