Wall Street today: US stocks trade in green as crude prices fall; Nasdaq climbs 0.2%, Dow adds over 140 points
Wall Street inched higher on Wednesday as easing bond yields and softer crude oil prices helped steady investor sentiment after recent volatility in technology shares. The Dow Jones Industrial Average rose 217.27 points, or 0.42%, to 51,884.11. The Nasdaq Composite climbed 110.15 points, or 0.43%, t
By Toi Business Desk
Wall Street inched higher on Wednesday as easing bond yields and softer crude oil prices helped steady investor sentiment after recent volatility in technology shares.
The Dow Jones Industrial Average rose 217.27 points, or 0.42%, to 51,884.11.
The Nasdaq Composite climbed 110.15 points, or 0.43%, to 25,697.19, while the S&P 500 advanced 30.40 points, or 0.41%, to 7,395.86, around 8 pm IST.Markets had been set for a cautious rebound after a global tech-led sell-off earlier in the week.
At the same time, some of Tuesday’s sharpest losers regained ground in premarket trade.
Micron, which fell more than 13% in the previous session, rose 3.2% overnight.
Marvell Technology also recovered slightly, climbing 1.5% after a 9.4% drop a day earlier.The recent weakness has been concentrated in companies linked to the artificial intelligence rally, where stretched valuations have amplified market movements.Alphabet, the parent company of Google, edged higher overnight after news that it will replace Verizon on the Dow Jones Industrial Average on Monday, making it the fifth “Magnificent 7” company in the index.Take-Two Interactive gained 3% after announcing that Rockstar Games will open pre-orders for Grand Theft Auto VI from Thursday midnight.In commocity markets, oil and gold prices both came under pressure.
Brent crude slipped 3.9%, moving closer to levels seen before the outbreak of the Iran-related conflict.
Gold also fell, dropping below $4,000 an ounce for the first time since November.Oil prices continued their downward trend, supported by increased shipping activity through the Strait of Hormuz and ongoing US-Iran discussions aimed at a long-term resolution of the conflict.
However, vessel movements remain below prewar levels.Investors are now focused on Thursday’s release of the personal consumption expenditures (PCE) price index for May, a key inflation measure for the Federal Reserve.Bond yields remained elevated amid ongoing concerns about inflation linked to global energy shocks.
The 10-year Treasury yield stood at 4.48% in early trade.Markets are also pricing in a higher likelihood of policy tightening, with CME Group data showing an 85% chance of a Federal Reserve rate hike this year, up from 60% a week earlier.
Higher interest rates typically weigh on borrowing and investment.Get the latest business news and top stories.
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