Finance

U.S. Treasury yields rose following hawkish commentary from the Federal Reserve regarding the necessity of further tightening to curb inflation. The 2-year note yield climbed to its highest point in nearly a month, reflecting increased trader bets on an interest rate hike occurring as early as next month.

Despite a massive post-earnings surge from AI powerhouse Nvidia earlier in the week, the technology rally took a breath as Marvell Technology shares fell. Although Marvell reported earnings that exceeded expectations and boosted its growth outlook, analysts noted that its exceptional year-to-date gains meant high expectations were already factored into the stock price.

In retail, Gap shares surged double digits after the apparel brand exceeded quarterly profit expectations and appointed Michael Francis to lead its struggling Old Navy division. Conversely, digital payments company PayPal saw its stock slump amid reports that Stripe and Advent decided to withdraw their substantial takeover bid.