US equities saw gains driven primarily by a robust rebound in semiconductor stocks, even as US Treasury yields climbed and speculation about a potential Federal Reserve rate hike in July intensified, according to FX Street.
The rise in Treasury yields typically pressures equities, but the strong performance in chip stocks helped offset these concerns, reflecting investor confidence in the technology sector amid uncertain monetary policy.
For Japanese investors, the recovery in US chip stocks is notable given the global semiconductor supply chain's importance to Japan’s technology and manufacturing sectors.