US stocks rise as bond yields continue to see downside pressure

• US stocks jumped on Friday as bond yields continue to see downward pressure.
• The 10-year Treasury yield fell 10 basis points to 4.60%, which is 28 basis points below its recent 52-week high.
• Philadelphia Fed President Patrick Harker made dovish comments, signaling that the Fed is done hiking rates.

US stocks jumped on Friday as bond yields continue to experience downside pressure after surging earlier this month.

The 10-year Treasury yield fell about 10 basis points on Friday to 4.60%, which is 28 basis points below its most recent 52-week high.

Bond yields declined after the breakout of war between Israel and Hamas sent investors toward the safety trade of buying Treasurys, and as a wave of Federal Reserve officials made dovish comments about the future path of interest rates.

That dovish talk continued on Friday, with Philadelphia Fed President Patrick Harker stating his belief that the central bank is at a good spot to pause its interest rate hikes.

"Absent a stark turn in what I see in the data and hear from contacts... I believe that we are at the point where we can hold rates where they are. Look, we did a lot, and we did it very fast," he said in prepared remarks to the Delaware State Chamber of Commerce.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

• S&P 500: 4,370.14, up 0.47%

• Dow Jones Industrial Average: 33,846.89, up 0.64% (215.75 points)

• Nasdaq Composite: 13,596.84, up 0.17%

Here's what else is going on today:

• Wharton professor Jeremy Siegel argued that stocks still represent a good value, even if an economic recession arrives.
• China remains on the brink of deflation as the country continues to see weakness in its economy following a lackluster reopening from the COVID-19 pandemic.
• Ray Dalio warned that the Israel-Hamas conflict could trigger more clashes around the world, with the risk of war rising to 50%.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 3.98% to $86.21 a barrel. Brent crude, the international benchmark, gained 3.78% to $89.25 a barrel.
• Gold jumped 2.04% to $1,921.40 per ounce.
• The 10-year Treasury yield fell 9 basis points to 4.61% on Friday.
• Bitcoin rose 0.46% to $26,877.