Wall Street ended mixed on Wednesday as tech strength offset broader market weakness, with investors weighing a favorable antitrust ruling for Google against signs of labor market softening.
The S&P 500 gained 0.5% and the Nasdaq rose 1%, supported by a 9.1% surge in Alphabet shares after a judge allowed the company to keep Chrome and maintain its lucrative search deal with Apple, easing fears of a forced breakup.
Apple stock rose 3.8%, helping boost confidence in Big Tech's resilience despite regulatory pressures. Conversely, the Dow fell 24 points as weakness in financials and energy offset tech gains. On the data front, the JOLTS report showed the number of job openings fell to the lowest since September while factory orders declined 1.3%.
Treasuries rallied as yields pulled back, with traders now almost fully pricing in a 25-basis-point rate cut at the Fed's September meeting. On the earnings front, Macy's EPS results topped forecasts, sending its shares up over 19%.
Source: Trading Economi
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