Wall Street staged a tentative rebound on Wednesday after two straight sessions of heavy tech losses, as rallies in Alphabet Inc. (NASDAQ:AAPL) and Apple Inc. (NASDAQ:AAPL) helped restore confidence in the sector.
The Nasdaq 100 climbed nearly 1% by midday in New York, while the S&P 500 added 0.4%.
Shares of Alphabet jumped nearly 9% after a U.S. court issued long-awaited remedies in the DOJ antitrust case, which proved less severe than investors had feared. Apple gained about 3% as the ruling allows Google to continue paying for default search placement on iOS, preserving a lucrative revenue stream for the iPhone maker.
Gold extended its record-breaking rally, rising more than 1% to $3,570 an ounce — up 35% year-to-date and on track for its best year since 1978.
Treasury yields retreated, with a 7-basis-point drop across the curve after overnight 30-year yields briefly touched the 5% threshold. Weaker-than-expected data added to the move: July job openings fell to a 10-month low, underscoring a cooling labor market, while factory orders contracted sharply for a second consecutive month.
Oil prices slumped 2.5% to $64 a barrel, fully erasing Tuesday’s rally.
Bitcoin (CRYPTO: BTC) gained 1% to trade just above $112,000, heading for a third straight day of advances.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | %chg |
| Nasdaq 100 | 23,431.69 | 0.9% |
| S&P 500 | 6,440.35 | 0.4% |
| Russell 2000 | 2,348.25 | -0.2% |
| Dow Jones | 45,132.92 | -0.4% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.4% to $590.89.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.4% to $451.94.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 0.9% to $570.05.
- The iShares Russell 2000 ETF (NYSE:IWM) dropped 0.1% to $233.61.
- The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up 1.6%; the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1.6%.
S&P 500’s Top 5 Gainers
| Stock Name | % Change |
|---|---|
| Alphabet Inc. (NASDAQ:GOOGL) | +9.14% |
| The Campbell's Company (NYSE:CPB) | +5.13% |
| Western Digital Corporation (NASDAQ:WDC) | +4.56% |
| Paramount Skydance Corporation (NASDAQ:PSKY) | +4.50% |
| Tesla Inc. (NASDAQ:TSLA) | +3.6% |
S&P 500’s Worst 5 Losers
| Stock Name | % Change |
|---|---|
| Dollar Tree, Inc. (NASDAQ:DLTR) | -7.95% |
| Intuitive Surgical, Inc. (NASDAQ:ISRG) | -6.32% |
| Revvity, Inc. (NYSE:RVTY) | -5.38% |
| Diamondback Energy, Inc. (NASDAQ:FANG) | -4.68% |
| APA Corporation (NASDAQ:APA) | -4.33% |
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Image created using artificial intelligence via Midjourney.
