Equities moved higher on Thursday, while Treasury yields pulled back, as investors grew hopeful that the Federal Reserve may leave interest rates unchanged this month.

The S&P 500 rose 0.86%, while the Nasdaq Composite traded up 1.19%. The Dow Jones Industrial Average climbed 540 points or 1.02%.

Big tech stocks jumped. Palantir up 8%; Tesla up over 6%; Oracle, Meta up around 4%; Microsoft up over 3%; Nvidia, Apple up over 1%.

The benchmark 10-year Treasury note yield last traded around 4.75%, seeing declines after Federal Reserve Governor Christopher Waller said he’d be “inclined to support” holding rates steady barring any surprises in upcoming inflation data. On Wednesday, the yield hit its highest level since November 2023.

Bets among fed funds futures traders that the central bank would raise rates in a couple weeks fell to 54.6% after his statement, according to the CME FedWatch tool. That’s down from 63.2% a day ago.

Waller’s remarks, along with the sharp rise in the yen, supported the drop in yields more broadly and offered some momentum to the market even as oil prices continued their climb Thursday.

Snowflake shares popped more than 23% after the company reported better-than-expected second-quarter earnings and revenue as well as issued strong guidance. Conversely, shares of Broadcom dropped nearly 4% following its latest quarterly results, with the company offering a disappointing revenue forecast for the fiscal fourth quarter.