US markets close in green as Treasury yields ease; Dell shares rise 16%

The US markets closed in the positive territory on Wednesday, September 2, as US bond yields took a breather.

The Dow Jones Industrial Average surged 0.56%, or 295 points, to settle at 53,061.95. The S&P 500 rose 0.46% to 7,666.60, while the NASDAQ Composite gained 0.45% to 26,217.83.

NVIDIA shares advanced 3.2% to $224.41 apiece, while Reddit climbed 9.30% to $158.97 per share.

Dell Technologies moved 15.81% higher to $492.2 a unit after the company reported record revenue of $47 billion, up 58% year over year (YoY), in the second quarter of the fiscal year 2027. Full-year FY27 revenue guidance stands at $192 billion, up 69% YoY.

"IT environments have shifted from cost centres to value drivers that fuel growth and competitive advantage, and customers are investing accordingly – creating opportunity across our portfolio,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.

"That’s clearest in our AI server business where we booked a record $60.9 billion in orders, recognised a record $16.4 billion in revenue and exited the quarter with a record $95 billion backlog. We’re seeing broader revenue growth as well, with traditional servers and networking up 122%, storage up 26% and our client solutions up 20% year over year. Our second quarter results underscore the compounding benefits of our competitive advantages, the breadth of our portfolio and the strength of our operating model," he added.

The 10-year Treasury yield hit an intraday high of 4.818% on Wednesday. However, it later eased to 4.782%.

Brent Crude rose 0.10% to $95.71 per barrel, while West Texas Intermediate inclined 0.18% to $91.17 a barrel as the US launched more attacks in Iran.

The US Central Command, in a post on X, stated that the US Navy continues to strictly enforce blockade against Iran. "As of Sept. 2, U.S. forces have redirected 86 commercial vessels, disabled 3 and boarded 2 to ensure compliance," it said.