The U.S. stock market closed higher on September 2, local time, as the recent surge in U.S. Treasury yields peaked during the day and then retreated, marking a rebound after four consecutive days of decline.
On the New York Stock Exchange, the Dow Jones Industrial Average rose by 295.07 points (0.56%) to finish at 50,061.95. The S&P 500 gained 35.13 points (0.46%) to close at 7,666.60, while the Nasdaq Composite increased by 118.05 points (0.45%) to end at 26,217.82.
Semiconductor stocks led the gains, with AI chip leader Nvidia rising 3.2%. Memory chip maker Micron Technology climbed 2.4%, and Qualcomm increased by 2.0%.
The yield on the U.S. 10-year Treasury note reached a high of 4.818%, the highest level since November 2023, before gradually decreasing to around 4.78%. Analysts noted that the recent spike in Treasury yields appeared to be stabilizing, which helped improve investor sentiment.
International oil prices continued to rise amid escalating military tensions between the U.S. and Iran, although the increase was more limited compared to recent surges. October West Texas Intermediate (WTI) crude futures settled at $91.01 per barrel, up 0.88% from the previous trading day. November Brent crude futures closed at $95.63, a 1.04% increase.
The U.S. Department of Energy reported on August 31 that oil shipments through the Strait of Hormuz reached a record high of 17 million barrels since the outbreak of the Iran conflict, easing some concerns about supply chain disruptions.
Jay Hatfield, CEO of Infrastructure Capital Advisors, told CNBC, "The rise in oil prices has peaked, which likely contributed to today's slight market rebound." He also predicted that the recent increase in oil prices may not last long, forecasting a decline in prices over the next six months as non-OPEC production increases and alternative oil transport routes are developed.
* This article has been translated by AI.
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