U.S. stocks moved higher on Thursday as Treasury yields pulled back and investors reassessed the odds of a Federal Reserve rate hike this month. The S&P 500 rose 0.4%, the Nasdaq Composite gained 0.7%, while the Dow Jones Industrial Average climbed 337 points, or 0.6%.
The 10-year Treasury yield fell to around 4.76% after Fed Governor Christopher Waller said he would favor keeping rates unchanged in September unless upcoming inflation data delivers a surprise. Futures markets cut the probability of a rate hike to 50.4%, down from 63.2% a day earlier.
Falling yields helped support risk appetite even as oil prices continued to climb. WTI crude rose about 1% to around $92 a barrel, while Brent gained 1% to above $96. The Japanese yen also strengthened sharply, rising more than 1% against the dollar to around 156.1 per dollar.
Among individual stocks, Robinhood jumped about 11% as analysts highlighted prediction markets as a potential growth driver. Snowflake surged more than 23% after stronger-than-expected results and upbeat guidance, while Broadcom fell 6% following a weaker revenue outlook.
