Wall Street gained on Wednesday, rebounding after a tech-led sell-off in the previous session, as more US firms delivered their quarterly results. Strong ADP employment figures eased some concerns about a weakening labour market.
The monthly report from ADP revealed that US private sector hiring rose by 42,000 jobs in October.
At 10:02 a.m. ET, the Dow Jones Industrial Average rose 109.06 points, or 0.23%, to 47,188.36, the S&P 500 gained 18.62 points, or 0.27%, to 6,790.17 and the Nasdaq Composite gained 105.87 points, or 0.45%, to 23,454.51.
As of 9:48 AM Eastern Time, the S&P 500 rose 0.1%, the Dow Jones Industrial Average gained 0.1%, the Nasdaq Composite added 0.3%.
In the bond market, the yield on the 10-year Treasury rose to 4.12% from 4.09% late on Tuesday.
Key Stock Movers
McDonald’s jumped 3.1% after the burger giant reported that its sales had been boosted by the return of its popular Snack Wraps in the third quarter.
Taser manufacturer Axon Enterprise saw its slumped 17.3% after it forecast lower profits than expected by Wall Street analysts.
Similarly, Live Nation Entertainment stock shed 6.4% after the company’s results fell short of market forecasts.
The technology sector saw varied strength, with chipmaker Broadcom stock surging 3.2% and Nvidia gaining 0.7%.
Pharmaceutical giant Eli Lilly gained 2.6% following news that its key rival, Novo Nordisk, had lowered its fiscal year profit and sales outlook.
Server manufacturer Super Micro Computer plunged 7.7% after reporting quarterly profit and revenue figures that failed to meet analyst estimates.
Health insurer Humana tumbled 9.5% following the release of its third-quarter results.
Meanwhile, Bank of America shares slipped 2.9%, despite the lender attempting to buoy investor sentiment by raising its internal profitability target.
Nvidia stock rose 0.7%, while Broadcom surged 3.2%.
Super Micro Computer slumped 7.7% after the server maker posted quarterly profit and revenue below Wall Street estimates.
Bank of America shares slipped 2.9% even as the lender raised its profitability target.
Eli Lilly stock gained 2.6% after the company’s Danish rival Novo Nordisk lowered its fiscal year profit and sales forecast.
Health insurer Humana tumbled 9.5% after its third quarter results, while Johnson Controls was the biggest gainer on the S&P 500 after it forecast 2026 profit above expectations.
Bullion Market
Gold prices climbed on Wednesday, buoyed by investors seeking refuge from riskier assets, despite stronger-than-expected private sector employment figures from the US.
Spot gold was trading 1.1% higher at $3,976.15 per ounce by 13:58 GMT. US gold futures, designated for December delivery, advanced 0.7% to hit $3,986.40 per ounce.
Elsewhere in the metals markets, spot silver rallied 1.9% to $47.98 per ounce, platinum ticked up 1% to $1,550.60, and palladium notched up a gain of 2.2% to stand at $1,421.96.
Crude Oil
Global oil benchmarks retreated on Wednesday, pressured by a strengthening US dollar and discouraging economic reports from major energy-consuming nations.
Brent crude futures fell 0.6% lower at $64.07 a barrel, while US West Texas Intermediate (WTI) shed 0.7%, dropping to $60.13.