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- U.S. stocks rebounded on Monday, with the Nasdaq up 1.41 per cent
- Tech giants Apple and Microsoft posted big gains
- Dow Jones was up 186.14 points, or 0.54 per cent, to 34,393.98
- Meanwhile, the S&P 500 gained 41.19 points, or 0.99 per cent, to 4,197.05
- Benchmark 10-year Treasury yields retreated as inflation fears ease
U.S. stocks climbed on Monday, with the Nasdaq up more than 1 per cent. Among the 11 major S&P sectors, technology advanced 1.76 per cent and communication services rose 1.84 per cent as the top performing on the session.
Australian stocks were set to open higher for a fourth day, with ASX futures rallying 20 points or 0.28 per cent.
A retreat in U.S. Treasury yields helped lift expensive stocks in sectors such as technology as investors attempt to gauge the trajectory of inflation.
Yields on the benchmark 10-year Treasury bond hit a two-week low, which buoyed other highly valued growth stocks.
This reflected inflation concerns cooling after President Joe Biden’s infrastructure spending bill was pared down in size on Friday.
The Dow Jones Industrial Average rose 186.14 points, or 0.54 per cent, to 34,393.98, the S&P 500 gained 41.19 points, or 0.99 per cent, to 4,197.05 and the Nasdaq Composite added 190.18 points, or 1.41 per cent, to 13,661.17.
Tech giants Apple, up 1.33 per cent, and Microsoft, up 2.29 per cent on the day, were the biggest boosts to the benchmark S&P index. The sector has been among the worst performing for the month and year to date as inflation concerns have grown and bond yields have moved higher.
