US stocks swung higher on Thursday as bond yields halted their surge and supported credit-sensitive sectors. The S&P 500 and the Dow rose over 1%, while the Nasdaq 100 gained 0.8% as chip producers underperformed. Fed Governor Waller signaled that a rate hike is not warranted should underlying inflation continue to slow, a reversal from the statements flagging inflationary risks from earlier remarks. Consequently, Treasury yields eased despite signs of a fresh intervention to halt the decline of the yen by Tokyo. Credit-sensitive software companies gained with Microsoft, Palantir, and Meta adding more than 3%, while risk-sensitive Tesla soared 7%. On the other hand, Broadcom fell 3% despite posting a 221% annual growth in revenue in its last fiscal quarter, another chip producer that failed to meet the higher end of estimate ranges. Meanwhile, Hewlett Packard Enterprises fell 4% after its results fell short of expectations.