US stocks rebound as Treasury yields fall

The shift in rates also changed the tone across asset classes. The S&P 500 rose 0.33% and the Nasdaq Composite added just 0.08%, underscoring a rotation rather than a broad risk-on surge. Treasury markets remain unsettled, however, with the 10-year yield still near levels that keep pressure on corporate balance sheets and on rate-sensitive sectors.

For investors, the message is that the market is still trading on yields first and earnings second. A sustained retreat in bond yields would support equities broadly, but a renewed spike could quickly revive the selloff in chips, long-duration growth stocks and companies that rely on cheap funding to expand.

In Vietnam, the macro backdrop was more mixed: the VN-Index fell 0.38% to 1,698.35, its seventh straight decline and a close back below 1,700, while foreign investors sold a net 687 billion dong on HOSE. That weakness contrasted with a strong operating update from PV Power, which said nine-month pre-tax profit is estimated at more than 5,464 billion dong, on revenue of 46.161 trillion dong and electricity output above 19.3 billion kWh.

PV Power’s results matter because they point to stronger cash generation in a capital-intensive utility business, with revenue up 77% from a year earlier and output up 44%. Vũng Áng 1 was the biggest contributor, underscoring how thermal generation remains central to earnings even as power demand rises.

The next market catalyst is whether Treasury yields keep easing or resume climbing toward the levels that have already shaken risk appetite. In Vietnam, investors will now watch whether PV Power converts its strong nine-month estimate into formal results and whether foreign selling pressure on the local market persists.