WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks have given back ground over the course of the trading day on Wednesday. The major averages have pulled back well off their highs of the session, with the Nasdaq dipping into negative territory.
Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 25.39 points or 0.1 percent at 26,559.60, the S&P 500 is up 5.13 points or 0.1 percent at 7,741.65 and the Dow is up 438.90 points or 0.8 percent at 54,524.78.
The Dow is holding on to a strong gain after reaching a new record intraday high amid a sharp increase by shares of Disney (DIS).
Disney is currently jumping by more than 2 percent after the entertainment giant reported better than expected fiscal third quarter earnings.
Dow components Amgen (AMGN) and Nvidia (NVDA) are also posting significant gains, surging by 4 percent and 3.3 percent, respectively.
The early strength on Wall Street partly reflected recent upward momentum on Wall Street, which saw the major averages close higher for four consecutive sessions.
Buying waned shortly after the start of trading, however, inspiring some traders to cash in on the recent strength in the markets.
Nonetheless, selling pressure has remained relatively subdued amid continued optimism about an agreement between the U.S. and Iran to once again re-open the Strait of Hormuz.
In U.S. economic news, payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by less than expected in the month of July.
The report said private sector employment rose by 44,000 jobs in July after climbing by a downwardly revised 95,000 jobs in June.
Economists had expected private sector employment to grow by 75,000 jobs compared to the addition of 98,000 jobs originally reported for the previous month.
Sector News
Despite the pullback by the broader markets, gold stocks continue to see substantial strength on the day, driving the NYSE Arca Gold Bugs Index up by 8.3 percent to its best intraday level in well over a month.
The rally by gold stocks comes amid a sharp increase in the price of the precious metal, with gold December delivery soaring $167.80 or 4 percent to $4,320.40 an ounce.
Notable strength also remains visible among pharmaceutical stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Pharmaceutical Index.
On the other hand, telecom stocks have moved sharply lower on the day, dragging the NYSE Arca North American Telecom Index down by 3.4 percent.
Energy stocks are also seeing significant weakness on the day amid a continued decrease by the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index spiked by 3.7 percent, while China's Shanghai Composite Index jumped by 1.5 percent.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.5 percent, the German DAX Index is up by 0.2 percent and the French CAC 40 Index is up by 0.1 percent.
In the bond market, treasuries have shown a lack of direction over the course of the session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 4.621 percent.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
