US indices surge ahead of Fed's interest rate decision despite rising yields

Major US indices experienced significant gains today, ahead of the Federal Reserve's interest rate decision tomorrow. This comes despite a notable increase in yields, particularly at the shorter end. The two-year yield rose 25 basis points to 4.1749%, while the 10-year yield increased 12 basis points to 3.590%. Generally, rising yields lead to stock selling, especially in NASDAQ stocks, but that wasn't the case today.

The S&P opened and closed above its critical 100-day moving average at 3958.49, while also closing above the natural resistance level Resistance Level A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result Read this Term at $4000. Current standings show:

• Dow Industrial Average up 316 points, or 0.90%, at 32560.60
• S&P index up 51.38 points, or 1.30%, at 4002.92
• NASDAQ index up 184.58 points, or 1.58%, at 11860.12
• Russell 2000 up 32.75 points, or 1.88%, at 1777.74

The regional bank ETF rebounded by 5.72% today, while First Republic Bank gained $3.59 or 29.47%. Nvidia's shares increased by $3.04 or 1.17% to $262.04 after its conference, and Tesla shares rose 7.82% following an earnings upgrade. Microsoft shares also recovered, up $1.55 after yesterday's $7 drop.

After the close Nike reported better earnings and revennues.

• EPS comes in at $0.79 versus $0.55 expected
• Revenues came in at $12.39 billion versus expected $11.47 billion
• Shares are trading up $4.30 or 33.4% at $129.64
• Inventories up 16% versus up 43% last quarter. Better news there.
• Gross margins of 43.3% was less than 43.7% expected
• North American revenues $4.91 billion versus expected $4.41 billion
• China revenues $1.99 billion was expected $2.03 billion
• EMEA revenues $3.25 billion versus $2.87 billion expected
• Lower margins was attributed to liquidation of excess inventory.