S&P 500 Snaps 3-Day Skid; Bond Rout Persists — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- S&P 500 rose 0.46% to 7,666.63, with the Dow adding 0.56% to 53,061.89 and Nasdaq gaining 0.45% to 26,217.83, snapping a three-day losing streak as bargain-hunters moved into oversold sectors.
- Russell 2000 small-cap index outperformed with a 1.1% gain, while airlines, gold/silver miners, and regional banks led the S&P 500's sector winners; software and services stocks lagged on AI disruption fears.
- Dell surged 15.8% after raising its annual profit and revenue forecast, and Brown-Forman climbed 3.9% after posting a quarterly profit beat.
- Nvidia jumped 3.2%, Micron added 2.4%, and Qualcomm gained 2.0% as the Philadelphia Semiconductor Index rebounded from a roughly 25% slide since late June.
- Uber rose 1.6% after announcing plans to lay off about 10% of its staff, while materials posted the S&P 500's best sector gain and real estate was the sole loser.
- A global bond selloff persisted, fueled by inflation fears, US government debt topping $40 trillion, and escalating US-Iran airstrikes—the largest exchange since July—dousing hopes of a return to the negotiating table.
- ADP reported fewer-than-expected private-sector job additions for August, and core capital goods orders were revised downward, signaling potential softening in corporate spending.
Why it matters: The one-day rebound was a bargain-hunting bounce in beaten-down chips and small-caps rather than a resolution of the macro pressures still dragging on markets. With US-Iran airstrikes escalating into the largest exchange since July, Treasury yields climbing on $40 trillion debt, and ADP signaling softer hiring, the drivers of the prior three-day skid remain unresolved ahead of Thursday's data.
Ask SkimNews
