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U.S. stocks traded with a firmer tone as investors digested fresh data showing the economy remains resilient, even as bond yields climbed toward multi-decade highs. The Nasdaq led gains after GDP and PCE readings reinforced the view that growth is holding up and inflation is not collapsing fast enough to force an immediate policy shift.
AI infrastructure company Accelevation entered the public market with a valuation of about $3.9 billion after raising $540 million in a closely watched Nasdaq debut. Shares opened below the $18 offer price, underscoring the fragile state of the U.S. IPO market even for companies tied to the artificial intelligence buildout.
US stocks fell sharply in afternoon trade as investors reassessed the path of interest rates and rotated out of high-valuation technology names. The S&P 500 and Nasdaq Composite each dropped more than 1%, with traders increasingly wary that borrowing costs may stay elevated for longer than previously expected.
Japan’s Nikkei gave up early gains and slipped in late morning trade as weaker Nasdaq futures pressured technology shares ahead of Micron Technology’s quarterly results. Banking stocks helped cushion the market, while the broader Topix managed to edge higher, underscoring a selective rotation rather than a broad risk-off move.
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