Closing Bell: Major Indices Snap Losing Streaks, 10-Year Treasury Hits 4.818%

U.S. stocks rose on Wednesday, with large-cap tech names posting gains and U.S. Treasury yields taking a break from their recent rally.  

Two major indices snapped three-session losing streaks: the S&P 500 (SPX) rose 0.46%, lifted by the materials and communication services sectors, while the Dow Jones Industrial Average ($DJI) was up 0.56%. The Nasdaq-100 (NDX) inched 0.23% higher, while the small-cap Russell 2000 (RUT) rallied 1.13%. 

U.S. 10-year Treasury note yield was little changed Wednesday after hitting 4.818%, a yield not reached since November 2023. Oil prices rose about 0.5% on Wednesday to near 5-week highs above $90 a barrel. 

Five things to note from Wednesday's market action: 

Dell Technologies jumped more than 15% after delivering a record second-quarter fiscal 2027 earnings report. Dell reported second quarter revenue of $47.0 billion, up 58% year-over-year and raised guidance for fiscal 2027 as it booked a record $60.9 billion in AI server orders and exited the quarter with a record $95 billion backlog. See 10-Year Yield Pressures Stocks, DELL & PANW Earnings Show AI Acceleration 

On the flipside, Palo Alto Networks (PANW) fell 9.3% post-earnings primarily because high expectations and a lofty valuation left no room for error, even though fiscal Q4 results and guidance beat estimates. Investors focused on margin pressure and higher costs, according to reports. Read Will Palo Alto Networks (PANW) Earnings Continue Cybersecurity Surge?  

Alphabet (GOOGL) does not have to sell its advertising exchange and instead must make its advertising technology tools work more openly with competitors, a federal judge ruled. This avoids a breakup of Google's ad tech business despite monopoly accusations, according to reports. Alphabet shares rose 0.6%. See Lampe: GOOGL Outperforms as "Market Writes Its Obituary," Energy Needs Grow  

GitLab (GTLB) shares surged 10% following strong 2Q earnings that beat expectations and an increase in full-year guidance. Revenue rose 21% to $286.3 million, adjusted EPS beat expectations, and the company raised its FY2027 revenue outlook to $1.129 billion-$1.133 billion. Management said AI-assisted software development is expanding, not reducing, demand for GitLab's platform. See Wednesday's Morning Movers: GLTB, M & ULTA Beat on Earnings  

Uber Technologies (UBER) stock rose 1.6% Wednesday after it said it is cutting about 3,300 roles, or roughly 10% of its global workforce, in its biggest cuts since the COVID-19 pandemic, according to reports. See Charts to Watch: SPX, UBER, KHC | The Watch List 

For more on the remaining economic data and earnings calendar items this week, see Week Ahead: Big Week for Economic Data and Tech Earnings. 

Angrej Singh and Tom White contributed to this report 

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