US market today: Wall Street steadies on Alphabet lift; S&P 500 set to snap 2-day fall

Wall Street steadied on Wednesday as Alphabet and other technology stocks lifted sentiment, helping the S&P 500 edge higher and break its recent losing streak. The benchmark index gained 0.5% and was on track to end a two-day decline that followed its latest record high.

The Nasdaq composite rose 0.8%, while the Dow Jones Industrial Average slipped by just 3 points, or less than 0.1%, as of 9:35 a.m. Eastern time, AP reported.Google parent Alphabet surged 7.1% and was among the strongest forces driving the market upward after it escaped some of the worst-case outcomes in its high-profile antitrust case. A federal judge ordered changes to the company’s search engine business but stopped short of forcing a divestment of its Chrome browser.

Because Alphabet is one of Wall Street’s most valuable firms, its stock movement had an outsized effect on the S&P 500 and other indices.The rally in tech shares came alongside a calmer bond market, which also helped support equities. A day earlier, yields on government debt had risen sharply, unsettling investors. Markets were rattled by concerns over governments’ ability to manage ballooning debt levels and by worries that President Donald Trump’s pressure on the Federal Reserve to cut short-term interest rates could stoke long-term inflation.

Those fears had pushed investors to demand higher yields to hold government bonds, weighing on equities by making them look less attractive relative to safer debt.On Wednesday, however, yields slowed their climb. The 10-year Treasury yield dipped to 4.26% from 4.28% late Tuesday, easing pressure on stocks. Outside of Alphabet, other tech names also benefited from the antitrust ruling. Apple rose 2.6% after analysts noted the decision would still allow it to maintain lucrative search engine deals with Google.Beyond technology, trading was mixed across the broader market. Macy’s delivered one of the biggest individual gains, soaring 19.6% after reporting stronger-than-expected profit and revenue in its latest quarter. The retailer, which owns Bloomingdale’s, posted its best growth in a key sales metric in three years and raised its full-year forecasts for both sales and profit.On the losing side, Dollar Tree shares dropped 9.7% despite the company beating profit expectations for the quarter.

Analysts said part of its strong performance stemmed from tariff timing, which could weigh on the current quarter. They also noted that expectations had been running high for the value retailer, whose stock had gained nearly 49% so far this year before the earnings report.Overseas, European markets ticked higher, recovering from weaker sessions across much of Asia. Japan’s Nikkei 225 fell 0.9%, with investor sentiment clouded by political uncertainty surrounding Prime Minister Shigeru Ishiba’s future.