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US equity market conditions remained for the most part uneven and unpredictable on Thursday and the S&P 500, which sold off sharply into the Wednesday closing the session under the 21-day moving average in the 4510s, bounced in early Thursday trade and now trades nearly 1.7% higher on the day at 4590.
The index has now pared its on-the-week losses to just 0.3%, though still trades some 3.5% below last week’s record peaks close to 4750.
The Nasdaq 100 saw comparatively modest gains of under 1.0%, with the index bouncing from lows under 15.8K to back above 16.0K.
Short-end and real yields continued to rally, reducing the duration-sensitive tech sector’s tailwinds. The index continues to trade about 4.0% below record levels printed back on 22 November.
The Dow was up more than 2.0%. The CBOE S&P 500 Volatility Index (VIX) was down nearly 4.0 points to close to 27.0, more than 5.0 points down from Wednesday’s 11-month highs above 32.0.
