US markets posted mixed results on Wednesday, with strength in technology offsetting weakness in energy and financials. The S&P 500 gained 0.51% to close at 6,448.26, while the Nasdaq Composite advanced 1.03% to 21,497.73. The Dow Jones Industrial Average lagged, slipping 24 points, or 0.05%, to finish at 45,271.23.
Investors welcomed a federal court ruling in the Alphabet antitrust case, which eased fears of harsher regulatory outcomes for the sector. The decision helped push tech shares higher, anchoring a comeback from earlier September weakness.
Alphabet surges after court ruling
Shares of Alphabet jumped 9.1% after a federal judge ruled the company can retain its Chrome browser but must avoid exclusive search deals and share some data. The court noted that artificial intelligence has increased consumer choice, lessening concerns about monopoly power.
Apple shares also rose 3.8%, supported by the court’s allowance for Google Search to remain preloaded on iPhones. The outcome preserves a lucrative revenue stream for Apple, which itself faces an ongoing antitrust probe.
Broader sector trends
The rebound was concentrated in technology, while the Dow was weighed down by banks and energy companies. Rising bond yields and economic concerns pressured those sectors.
Fresh labour market data added to the caution. Job openings declined to levels rarely seen since the pandemic, raising questions about hiring momentum. Traders are now awaiting Friday’s August jobs report, seen as the next key test for equity markets.
Market outlook and commodities
September has historically been the weakest month for US stocks, averaging a 0.7% loss for the S&P 500 since 1950, according to Wells Fargo strategist Scott Wren.
Outside equities, bonds rebounded after weak US jobs data led traders to price in a Federal Reserve rate cut this month. Commodities were mixed: Brent crude fell 2.2% to US$67.63 a barrel, while gold rose 1.1% to US$3,573.51 an ounce.
Bitcoin added 1.4% to US$112,429, while American Bitcoin, a Trump-linked company, soared 34.5% in its Nasdaq debut, with trading halted multiple times due to volatility.
Australian market set to open higher
The SPI 200 futures point to a 31-point gain, or 0.4%, at today’s open, supported by the global tech rally. The Australian dollar strengthened 0.5% to 65.51 US cents.
Locally, investors will watch July goods trade balance and household spending data due at 11:30am.
