The S&P 500 rose Wednesday after a federal court decision in an Alphabet antitrust case fueled optimism that the tech giants will be able to weather regulatory threats.
The Dow Jones Industrials tumbled 155.14 points to pause for lunch Wednesday at 45,138.56.
The much-broader index was positive 21.68 points to 6,437.22
The NASDAQ popped 193.88 points to 21,473.51.
Shares of the Google parent jumped 8% after a federal judge ruled Tuesday that Google can keep its Chrome browser but won’t be allowed to strike exclusive search deals and must share its search data.
The decision avoided the worst-case outcome for the tech giant, and largely drew from the idea that artificial intelligence has provided more choice to consumers.
The decision also means that Apple can continue to preload Google Search onto its iPhones, which is a lucrative arrangement for Apple. The company, which also is facing its own antitrust case, saw its stock rise 2%.
Wednesday’s comeback was led mostly by tech, which is why the less-tech-focused Dow was lower. Shares of energy and bank shares were weak as concern lingered about a slowing economy and jumping bond yields.
September trading began on a negative note, with stocks losing momentum during Tuesday’s trading session. Each of the three major U.S. indexes end
Shares of Macy’s spiked $2.31, or 17.1%, to $15.80, in Wednesday trading after the retailer posted better-than-expected second-quarter results and raised its full-year outlook.
September trading began on a negative note, with stocks losing momentum during Tuesday’s trading session. Each of the three major U.S. indexes ended the session in the red as investors raked in profits from the summer rally.
Tuesday also saw a spike in bond yields as traders weighed the consequences of a federal appeals court’s ruling Friday that many of President Donald Trump’s global tariffs are illegal. The decision could force the U.S. to refund the billions brought in from trade duties.
September is a typically weak month for U.S. equity performance. One expert said September has been thas been the worst month for the S&P 500 since 1950, with the average return of -0.7%.
Investors are eyeing the August jobs report due Friday as the next major test for stocks.
Prices for 10-year Treasury sagged Wednesday, pushing down yields to 4.22% from Tuesday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices waned $1.56 to $64.03 U.S. a barrel.
Gold prices gained $36.10 at $3,628.30 U.S. an ounce.
