Stock Market Update: S&P 500 Gains, Nasdaq Up as Google Escapes Antitrust Blow

Market Overview and Key Performers

The U.S. stock market saw mixed movements on Wednesday, with the S&P 500 and Nasdaq Composite posting gains while the Dow Jones Industrial Average lagged. The S&P 500 rose by 0.5%, and the Nasdaq climbed 0.9%, driven by a rally in tech stocks. However, the Dow dipped slightly by 0.1%, reflecting weaker performance in industrials and financials.

A key highlight was Alphabet Inc.'s (GOOG, GOOGL) stock, which surged 6% following a favorable ruling in its high-profile antitrust case. The decision allowed Google to retain control of its Chrome browser and maintain its lucrative search engine agreements, providing relief to investors concerned about regulatory risks. The ruling also boosted sentiment across the broader tech sector, lifting shares of Apple (+3%), Amazon (+1.2%), and Tesla (+1.6%).

Economic Data and Investor Focus

Investors are turning their attention to critical labor market data due later this week, including the August jobs report. This report is expected to provide further clarity on the Federal Reserve’s next move regarding interest rates. July’s jobs data revealed signs of a cooling labor market, intensifying speculation that the Fed may adopt a more dovish stance.

Meanwhile, U.S. Treasury yields hovered near key psychological levels, reflecting ongoing uncertainty. The 10-year yield settled at 4.27%, while the 30-year yield briefly touched 4.95%, just shy of the 5% mark, before retreating slightly. Rising yields have been putting pressure on equity markets, particularly rate-sensitive sectors like real estate and utilities.

Sector and Commodity Movements

Energy prices fell amid reports that OPEC+ may consider an increase in oil supply during its upcoming meeting. West Texas Intermediate (WTI) crude futures dropped 1.8% to $64 per barrel, while Brent crude slid 1.6% to $67 per barrel. The potential for increased supply has raised concerns about weaker demand in the face of slowing global growth.

Across the broader market, tech stocks outperformed, bolstered by the Google ruling, while consumer discretionary and healthcare sectors also recorded gains. However, industrials and financials underperformed, dragging down the Dow. Gold prices rose to $3,625 per ounce, extending gains as investors sought safe-haven assets amid economic uncertainty.