Alphabet, Apple Fuel Tech Rebound, Gold Defies Gravity: What's Moving Markets Wednesday?
Wall Street rebounded on Wednesday, led by Alphabet and Apple, with the Nasdaq 100 up nearly 1% and the S&P 500 gaining 0.4%. Alphabet shares surged nearly 9% following a favorable antitrust ruling, while Apple rose about 3%. Gold prices continued to climb, reaching $3,570 an ounce. Treasury yields fell after weak economic data, and oil prices dropped 2.5%. Bitcoin increased by 1%, trading above $112,000. The Vanguard S&P 500 ETF rose 0.4%, while the SPDR Dow Jones Industrial Average fell 0.4%.
Wall Street staged a tentative rebound on Wednesday after two straight sessions of heavy tech losses, as rallies in Alphabet Inc. AAPL and Apple Inc. 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 BTC/USD gained 1% to trade just above $112,000, heading for a third straight day of advances.
Wednesday’s Performance In Major US Indices, ETFs
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF VOO rose 0.4% to $590.89.
- The SPDR Dow Jones Industrial Average DIA slipped 0.4% to $451.94.
- The tech-heavy Invesco QQQ Trust Series QQQ rallied 0.9% to $570.05.
- The iShares Russell 2000 ETF IWM dropped 0.1% to $233.61.
- The Communication Services Select Sector SPDR Fund XLC outperformed, up 1.6%; the Energy Select Sector SPDR Fund XLE lagged, down 1.6%.
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Image created using artificial intelligence via Midjourney.
