Nasdaq, S&P 500 and Dow Jones rally thanks to tech strength

LeoPatrizi/iStock via Getty Images Tech shares are lifting the major averages as Treasury yields continue to drift and megacap stocks move higher. The Nasdaq (COMP.IND) +0.7% and S&P 500 (SP500) +0.6% are higher, with the Dow (DJI) +0.8% in the lead. The 10-year Treasury yield is flat around 1.49%, with little reaction to jobless claims still above 400K. Piper Sandler is still calling for the 10-year to end between 1.5% and 1.75% this year. The Fed is likely to remain on the defensive when it comes to economic data, Stephen Stanley, chief economist at Amherst Pierpoint says. "I think they're going to continue to be surprised by the data to the upside and they are probably going to end up moving a little more quickly than what they envisioned," Stanley said on Bloomberg. He predicts tapering to start in October and a rate hike in the middle of next year. Ten of the 11 S&P sectors