Stock market today: Wall Street rises to recover some of the losses from its worst day in weeks
Stocks are steadying and recovering some of their sharp losses from the day before, which was Wall Street’s worst in three weeks
NEW YORK — U.S. stocks are steadying on Wednesday and recovering some of their sharp losses from the day before, which was Wall Street’s worst in three weeks.
The S&P 500 was 0.4% higher in morning trading, a day after sharp drops for many Big Tech stocks dragged it 1% lower. The Dow Jones Industrial Average was up 126 points, or 0.3%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.4% higher.
CrowdStrike jumped 15.3% after the cybersecurity company reported stronger profit for the latest quarter than analysts expected. It also gave a forecast for upcoming profit that topped Wall Street’s estimates.
Nvidia was the strongest force pushing upward on the S&P 500 as it rose 2.6%. Meta Platforms also steadied itself and rose 0.9% a day after sliding 1.6%. They're among the market's most influential stocks because of their massive size.
They and other Big Tech stocks have also been disproportionately responsible for the S&P 500’s run to records on expectations for strong continued growth. That’s raised the bar of expectations for them to justify their high stock prices, leading to some painful drops earlier this week.
In the bond market, Treasury yields were edging lower as Federal Reserve Chair Jerome Powell spoke about interest-rate policy before a House of Representatives committee.
As always, Wall Street is scrutinizing each of his words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. Such a move would release pressure on the financial system and goose prices for investments.
Powell said again that
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