NEW YORK — The 10-year Treasury yield briefly touched its highest level since 2002 on Thursday before retreating from intraday peaks, signaling acute bond market stress. U.S. equities absorbed the move with minimal gains: the Nasdaq Composite rose 0.04 percent and the S&P 500 added 0.20 percent, ending a three-day losing streak.
Brent crude oil finished above $102 per barrel, reigniting inflation concerns in a market already contending with elevated yields. Geopolitical tensions in the Middle East and Iran-related risks are sustaining energy prices and keeping yields pressured.
Market breadth, however, deteriorated sharply. The S&P 500's gain masked severe concentration—energy led with a 1.35 percent gain, technology rose 0.99 percent, and industrials added 0.51 percent. Basic materials fell 2.26 percent, health care declined 1.44 percent, and communication services dropped 1.13 percent. Real estate slid 0.64 percent. The divergence underscores a market driven by sector-specific tailwinds rather than broad participation.
Technology stocks found support in strong earnings and continued AI spending. Accenture reported revenue of $18.7 billion with earnings per share at $3.29, backed by new bookings totaling $22.2 billion. The stock jumped 16 percent, reflecting demand for AI-related consulting services.
Mattel surged 18.8 percent after Authentic Brands Group approached the company about a potential acquisition above $20 per share, according to reports. The stock closed at $15.04, reflecting uncertainty over deal probability.
Nike shares fell 4 percent after hours to a new 52-week low following a 4 percent revenue decline to $11.2 billion. Management guided for another challenging year.
