XLY - Stocks Rebound Tech Shines As Bond Yields Relax Oil Tumbles: What's Driving Markets Wednesday? | Benzinga
Risk sentiment rebounded during midday Wednesday trading in New York as stocks surged, driven by a retreat in Treasury yields after several sessions of substantial surges.
The ADP National Employment Report, which fell short of expectations (89,000 vs. 153,000), provided a welcome respite, alleviating pressure on bond rates.
Additionally, a significant drop in gasoline demand in the U.S. last week acted as a substantial deterrent to oil prices, which tumbled by 4.5%, weighing down energy stocks.
Services sector activity moderated its pace of growth in September, in line with expectations, as evidenced by the latest ISM Services PMI readout.
Cues From Wednesday’s Trading:
The S&P 500 was 0.6% higher, on track for its best session since Sept. 14, while the Nasdaq 100 index rallied by 1.1%, eyeing its most robust daily performance since Sept. 11.
Simultaneously, the Dow Jones inched up by 0.3%, and small-cap stocks in the Russell 2000 posted a marginal 0.1% increase.
US Index Performance On Wednesday
Index Performance (+/-) Value
Nasdaq 100 +1.10% 14,726.84
S&P 500 Index +0.65% 4,256.82
Dow Industrials +0.33% 33,111.38
Russell 2000 +0.11% 1,729.16
Wednesday Trading In Major US Equity ETFs