Wall Street Rises as Alphabet Drives Tech Rebound/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Wall Street steadied Wednesday as Alphabet’s nearly 8% surge lifted major indexes, offsetting pressure from bond yields and economic uncertainty. The S&P 500 edged higher, the Nasdaq gained nearly 1%, and Apple joined the rebound. Meanwhile, Macy’s and American Bitcoin delivered standout earnings and IPO gains.
Wall Street Market Moves Quick Looks
- S&P 500 up 0.3%, on track to snap two-day slide
- Nasdaq gains 0.9%, fueled by Alphabet’s 7.9% surge
- Dow Jones down 152 points (0.3%) despite tech rally
- Judge spares Alphabet’s Chrome browser in antitrust ruling
- Apple rises 3.1% on analyst optimism over Google ties
- Bond yields retreat after weak U.S. job openings report
- Fed expected to cut interest rates later this month
- Macy’s jumps 19.4% after strong quarterly results and forecast
- American Bitcoin stock soars 91.3% on Nasdaq debut
- Dollar Tree plunges 9.1% despite stronger-than-expected profit
Wall Street Rises as Alphabet Drives Tech Rebound
Deep Look
NEW YORK — Wall Street regained its footing Wednesday as surging tech stocks, led by Alphabet, steadied a market shaken by bond yield concerns and signs of economic cooling.
The S&P 500 rose 0.3%, recovering from a two-day losing streak. The Nasdaq composite jumped 0.9%, while the Dow Jones Industrial Average slipped 152 points (0.3%) as of mid-morning.
Alphabet Antitrust Ruling Lifts Tech Sector
Alphabet, Google’s parent company, surged 7.9% after a federal judge ordered changes to its search business but stopped short of forcing a sale of its Chrome browser. Investors viewed the ruling as far less damaging than feared.
Given Alphabet’s size and influence, the stock’s rebound provided significant lift to major indexes. Analysts said the ruling also benefits Apple, which rose 3.1% amid expectations it can continue signing lucrative search deals with Google.
“This is a relief, an outcome that is much better than feared for Google and for Apple,” said Chris Marangi, co-chief investment officer of value at Gabelli Funds.
Bond Market Calms After Labor Report
The bond market also offered relief. On Tuesday, yields climbed sharply amid concerns about government debt and potential inflation from President Donald Trump’s calls for lower interest rates. But on Wednesday, Treasury yields eased after a weak labor report.
The 10-year Treasury yield fell to 4.22% from 4.28%, reflecting investor bets the Federal Reserve will cut rates this month.
The Labor Department reported that job openings fell to 7.2 million in July, below expectations and marking further evidence of a cooling job market. Economists suggest the Fed may respond by trimming borrowing costs to stimulate hiring and growth.
Winners: Macy’s and American Bitcoin
Macy’s delivered one of the day’s biggest surprises, jumping 19.4% after reporting stronger-than-expected revenue and profit. The department store chain also raised its forecasts for the year and posted its strongest sales growth in three years.
Meanwhile, American Bitcoin — a cryptocurrency mining and treasury company linked to the Trump family — soared 91.3% in its Nasdaq debut after merging with Gryphon Digital Mining. Trading in its shares was so volatile that it was halted multiple times within the first hour.
Losers: Dollar Tree Stumbles
On the downside, Dollar Tree tumbled 9.1%, erasing part of its 2025 gains. Despite reporting better-than-expected profit, analysts pointed to tariff timing and lofty investor expectations as reasons for the sharp selloff.
Global Market Snapshot
Overseas, European indexes edged higher while Asian markets closed mostly weaker. Japan’s Nikkei 225 fell 0.9% amid political uncertainty over Prime Minister Shigeru Ishiba’s future.
Outlook
With tech stocks lifting Wall Street and bond yields easing, investors are watching closely for the Federal Reserve’s September decision on interest rates. A rate cut could support equities, though inflation risks remain given Trump’s ongoing tariffs on imports.
For now, Wall Street’s rally rests heavily on the resilience of Big Tech — with Alphabet once again leading the charge.
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