Tech giants lift stocks.

US stocks rebounded Thursday, with tech behemoths, including Tesla, Nvidia, and Meta, driving the Nasdaq 100 higher. Treasury yields, which had been surging this week, retreated, with shorter-dated debt leading the decline. The 10-year rate pulled back from a nearly 16-year high hit earlier in the session and the dollar slid.

Coming Up... Look for a slew of Japanese data — including the Tokyo CPI gauge and national figures on retail sales and industrial production — as well as balance of payments numbers for Thailand and Hong Kong retail sales. Meanwhile, China is starting its Golden Week holiday period. 

Down at the close.

The S&P 500 fell to its lowest since June while 10-year Treasury yields climbed, as the latest reading on the labor market reinforced the case for the Federal Reserve’s higher-for-longer policy stance. All of the major US equity benchmarks broke below their 100-day moving averages — seen as a bearish signal by some technical analysts. Amazon.com led a rout in megacaps.

Stocks climb.

Stocks rose after strong economic reports revived speculation the Fed will be able to engineer a soft landing even if it keeps interest rates higher for longer. The euro fell on bets the ECB will stay on hold after hiking on Thursday.

Tech drop.

Stocks in Asia were set to follow a big tech-led drop on Wall Street amid concern over how a Chinese ban on Apple’s iPhone could impact the industry that has driven this year’s market rally. The dollar strengthened and Treasuries rose. Contracts for equity benchmarks in Japan and Hong Kong declined, while those for Australia and the US were flat in early Asian trading. The Nasdaq 100 fell Thursday as Apple slid about 6.5% in two days, wiping out $190 billion in value. Traders also kept a close eye on the latest US economic data, with solid jobless claims figures reinforcing the case for the Fed to keep rates elevated.