Morning Commentary: Technology stocks lead Wall Street higher as oil eases, Treasury yields dip
MUMBAI, 18 SEPTEMBER: U.S. stocks staged a sharp recovery yesterday, reversing the prior session’s sell-off in a broad, tech-led rally.
The Nasdaq Composite jumped 1.7% (adding nearly 440 points), the S&P 500 gained 1.1%, and the Dow rose 0.6%. The rebound was driven by falling Treasury yields and softer oil prices, which eased near-term inflation concerns and helped markets move past the Federal Reserve’s unanimous 25-basis-point rate hike.
Tech led the advance, with the S&P 500 Information Technology index up more than 2% on strength in names like Intel and Super Micro Computer, as investors rotated back into AI trades once bond-market pressure eased.
The 10-year Treasury yield eased to roughly 4.93%, while crude slid on reports that Saudi Arabia could route additional supply to market through alternative export channels.
The dollar softened modestly against major peers, tracking the move in yields.
US Initial jobless claims fell to 196,000 against expectations of 206,000, and continuing claims dropped to 1.73 million — the lowest since January 2024 — pointing to limited layoffs and a labour market resilient enough to give the Fed room to stay focused on inflation.
At the Tata Sons board meeting on September 17, 2026, the board voted by majority to reappoint N. Chandrasekaran as Executive Chairman for a fresh five-year term, reversing his August decision to step down. The board also moved to comply with RBI guidelines regarding a public listing, triggering an immediate clash with Tata Trusts, which called the reappointment “illegal”.
The rupee endured a whipsaw session, initially buckling under a hawkish Fed and softer Asian FX sentiment. Those early losses, however, proved short-lived as the central bank stepped in with forceful defence, pulling the currency off for marginal gains of 3 paise and closing at 95.93.
Nifty closed higher for the second consecutive session, gaining 53 points to finish at 23,270 yesterday. Immediate resistance now lies at 23,360, with a stronger positional resistance near 23,600. On the downside, the 23,070–23,100 band remains the key support zone. Indian markets are set for a flat open amid a lack of clear global cues.
Report from: Mr. Devarsh Vakil, Head of Prime Research at HDFC Securities
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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