Dow gains 299 as stocks recover; Treasury yields ease

The Dow rose 299.37 points to 53,066.25 on Wednesday as U.S. stocks recovered from a three-day slide. The S&P 500 gained 0.46% to 7,666.82 and the Nasdaq Composite rose 0.46% to 26,219.85. The small-cap Russell 2000 outperformed larger peers.

The benchmark 10-year U.S. Treasury yield reached 4.818% during the session before easing back, helping equities recover part of their losses. Yields in the U.K., Germany and France also moved higher, and Japan’s 10-year government bond traded around multidecade highs.

West Texas Intermediate crude settled at $91.01 a barrel and Brent closed at $95.63, each up about 1% after additional U.S. military strikes on Iran raised the risk of supply disruptions. Energy Secretary Chris Wright noted, “More than 17 million barrels of oil moved through the Strait of Hormuz on Monday, the highest level since the war began in February.”

Technology and semiconductor stocks helped support the market. Nvidia, Micron and Qualcomm advanced, and the Philadelphia Semiconductor Index rose after losing nearly a quarter of its value since late June. Broadcom’s second-quarter results were due after the market close.

Company-specific moves included a surge in Dell shares after it raised annual profit and revenue forecasts. Brown-Forman climbed after reporting a quarterly profit beat. Uber gained after announcing plans to reduce its workforce by about 10%.

Sector performance was mixed: airlines, gold and silver miners and regional banks were among the stronger groups while software and services lagged amid investor questions about how artificial intelligence will affect valuations and business models.

Recent economic data showed ADP’s private payrolls for August were weaker than expected and new orders for core capital goods were revised lower. Investors were awaiting international trade figures, second-quarter labor-cost and productivity data, and the services purchasing managers’ index later in the week.