Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
A couple of big names in the communication services and technology sectors kept two of the three main U.S. equity indexes above water for much of Wednesday's trading session. But price action for the broader market was more ambiguous, with another set of incoming data showing a weakening employment situation ahead of an increasingly fraught Jobs Friday.
Odds the central bank cuts interest rates at the next Fed meeting are up to 95.4%, according to CME Group's FedWatch tool. And the yield on the 2-year U.S. Treasury note is falling – it was down to 3.621% on Wednesday from 3.658% on Tuesday and a post-Liberation Day high of 4.055% on May 14.
At the same time, though it retreated to 4.904% Wednesday from a previous close of 4.971%, the yield on the 30-year U.S. bond is generally rising. It got as high as 4.999% Tuesday, close enough to touch the psychologically significant 5% level and up from 4.766% as of August 5.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The market is providing a real-time lesson on how the Federal Reserve can control the short end of the yield curve, but the long end will respond to inputs such as expectations for inflation and economic growth as well as demand for capital and debt dynamics.
The Bureau of Labor Statistics will release the August jobs report before the opening bell on Friday. Markets will weigh what it says about the employment situation against the potential impact of tariffs on prices.
By the closing bell, the tech-heavy Nasdaq Composite was up 1.0% to 21,497, and the broad-based S&P 500 had rallied late for a 0.5% gain at 6,448. But the blue-chip Dow Jones Industrial Average was down 0.06% to 45,270.
Alphabet is free
Alphabet (GOOGL) popped in Tuesday's after-market trading session on a favorable decision in a federal antitrust case: The tech conglomerate can retain ownership of Google's Chrome browser but is barred from inking additional exclusive search engine deals.
U.S. District Judge Amit P. Mehta's ruling "recognizes how much the industry has changed through the advent of AI," Google said in a statement, "which is giving people so many more ways to find information."
GOOGL was up 9.1% at Wednesday's closing bell.
Apple is crisp
Apple (AAPL) surged to the top of the list of Dow Jones stocks in the wake of the Chrome ruling, which will allow Alphabet to keep paying the iPhone maker to make it the default browser on its devices.
According to filings in the antitrust case, Apple received $20 billion from Google in 2022, which Wall Street pegs as the broad annual estimate.
"There will be some tweaks to the partnership," says Wedbush analyst Dan Ives, "but ultimately this removes a $25 overhang on Apple's stock."
Ives expects Wall Street to interpret the ruling as "very bullish" for AAPL stock, as it answers an open question "after years of speculation."
AAPL was up 3.8% Wednesday.
JOLTS is shaky
The Bureau of Labor Statistics said the number of job openings was down slightly to 7.181 million in July from a revised-downward count of 7.357 million in June.
This second straight decline "came alongside constant labor market turnover relative to June," according to Barclays Chief U.S. Economist Marc Giannoni, "represented by constant hiring and separation rates."
Still, according to Giannoni, the data won't have "any material impact on the Fed going into the September meeting."
The economist says the labor market "remains on a gradual slowing trend," though the JOLTS data is "somewhat backward-looking … The August employment report, due this Friday, offers a more up-to-date view on the state of the labor market."
Related content
- How to Invest for a Fall Interest Rate Cut by the Fed
- 7 Mistakes to Avoid When You First Start Investing
- A Fidelity Fund Misses Out on Soaring Bank Stocks
-
Why Public Markets Don't Look Like They Used To -
Turning 65 in 2026? Here Is Exactly How to Sign Up for MedicareWhether you’re months away from your 65th birthday or plan to work past retirement age, here are the steps to secure your Medicare coverage and avoid costly mistakes.
-
A Free Tax Filing Option Has Disappeared for 2026: Here's What That Means for YouTax Filing Tax season officially opens on January 26. But you'll have one less way to submit your tax return for free. Here's what you need to know.
-
What's in Store for the Stock Market in 2026?Wall Street expects the bull market to keep running in the year ahead.
-
Is a Caregiving Strategy — for Yourself and Others — Missing From Your Retirement Plan?Millions of people over 65 care for grandkids, adult kids or aging parents and will also need care themselves. Building a caregiving strategy is crucial.
-
6 Financially Savvy Power Moves for Women in 2026 (Prepare to Be in Charge!)Don't let the day-to-day get in the way of long-term financial planning. Here's how to get organized — including a reminder to dream big about your future.
-
Private Equity Is Fundamentally Changing: What Now for Investors and Business Owners?For 40 years, private equity enjoyed extraordinary returns thanks to falling rates and abundant credit. That's changed. What should PE firms and clients do now?
-
Stocks See First Back-to-Back Losses of 2026: Stock Market TodayRising geopolitical worries and a continued sell off in financial stocks kept pressure on the main indexes on Wednesday.
-
I'm a Real Estate Expert: 2026 Marks a Seismic Shift in Tax Rules, and Investors Could Reap Millions in RewardsThree major tax strategies will align in 2026, creating unique opportunities for real estate investors to significantly grow their wealth. Here's how it works.
-
When Can Tax Planning Be an Act of Love? This Family Found OutHow can you give stock worth millions to a loved one without giving them a huge capital gains tax bill? This family's financial adviser provided the answer.
-
Forget Job Interviews: Employers Will Find the Best Person for the Job in an Escape Room (This Former CEO Explains Why)Escape rooms can give employers a better indication of job candidates' strengths than a standard interview. Here's how your company can get on board.
