By Yasin Ebrahim
Investing.com -- The Dow snapped a three-week losing streak as technology sidestepped the ongoing chorus of hawkish Federal Reserve remarks that have pushed up the odds of a larger September rate hike and extended the melt-up in Treasury yields.
Big tech and chip stocks combined to help push the broader tech sector more than 2% higher even as the latest remarks from Fed officials continued the trend of rising treasury yields, which is typically a drag on tech.
Federal Reserve Governor Christopher Waller called for “another significant increase in the policy rate,” later this month.
The remarks arrived just a day after chairman Jerome Powell vowed to persist with rate hikes “until the job is done.”
The hawkish wave of remarks from Fed officials this week has pushed the odds of a 75-basis point rate hike to 91% from 57% the prior week, according to Investing.com’s.
Energy also played a big role in the broader market melt-up helped by advancing oil prices following recent reports suggesting the Biden administration is mulling whether to stop releasing oil from the U.S. Strategic Petroleum Reserve after October.
The earnings front also provided ammunition for bullish bets on stocks as Docusign and Zscaler surged.
In other news, construction equipment maker Caterpillar (NYSE: CAT ) said it had reached a settlement to resolve a multiyear tax dispute with the Internal Revenue Service.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.