Alphabet Stock Leads S&P 500, Nasdaq Higher; Treasury Yields Slide on Soft Jobs Data

Biggest S&P 500 Movers on Wednesday

9 hr 43 min ago

Advancers:

Alphabet (GOOGL, GOOG) shares soared more than 9%, outpacing all other S&P 500 stocks Wednesday to reach an all-time high. The push higher came after a federal court ruled that the tech giant will not be required to sell off its Google search engine as the result of an antitrust lawsuit. The decision allows Alphabet to continue paying Apple (AAPL) for making Google the default search option on its iPhones and other devices. Analysts at Wedbush and JPMorgan lifted their price targets on Alphabet stock following the decision. Apple shares rose 3.8%.
Campbell’s (CPB) reported better-than-expected sales and adjusted profits for its fiscal fourth quarter, and shares of the packaged food company jumped 7.2%. CEO Mick Beekhuizen said the maker of soups and sauces benefited from cautious consumer spending trends encouraging people to explore more eat-at-home options, bolstering Campbell’s meals and beverages business. Price increases also contributed to the results.
Western Digital (WDC) shares gained 5% after Morgan Stanley called the data storage company’s stock a “top pick” and raised its price target. Analysts emphasized their positive view on Western Digital’s technology roadmap and a favorable outlook for the hard-disk drive end market. Morgan Stanley also said Western Digital trades at a discount versus its peers and highlighted the company’s intentions to ramp up share buybacks.

Decliners:

Although Dollar Tree (DLTR) posted better-than-expected sales and profits for the second quarter, the discount retailer said that tariff-related costs would pressure near-term earnings. The company mentioned mitigation efforts including negotiations with suppliers and discontinuing items that are not economical, but its guidance for adjusted profit in the current quarter came in below consensus forecasts. Dollar Tree shares plunged 8.4%, suffering the heaviest decline in the S&P 500.
Shares of medical device company Intuitive Surgical (ISRG) fell some 6% after executives spoke at an investor conference about potential tariff impacts. The maker of the da Vinci robotic surgical system suggested that tariff headwinds could intensify over the coming year but said it will hold off on any mitigation moves until there is more visibility into the tariff landscape.
Shares of life sciences and diagnostics company Revvity (RVTY) fell 5.1% after several investment research firms lowered their price targets on the stock. Although the company reported better-than-expected sales and profit in its most recent earnings report at the end of July, analysts cited challenges facing Revvity’s ImmunoDx business in China, with changes to reimbursement policies in the country potentially weighing on growth.

-Michael Bromberg

Analysts, Seeing ‘A Win’ in Antitrust Ruling, Raise Alphabet Price Targets

10 hr 45 min ago

Alphabet (GOOGL) shares jumped more than 8% to hit an all-time high Wednesday, a day after a judge ruled that the tech giant doesn’t have to sell off its Google search engine following an antitrust lawsuit brought by the federal government.

In addition, Judge Amit Mehta also said that Apple (AAPL) could continue to receive payments from Alphabet for using Google’s Chrome as the default search engine on its products. Mehta noted that consumers might be hurt if others couldn’t have access to Chrome, although Alphabet couldn’t strike exclusive deals with them. Apple shares were more than 3% higher in recent trading.

Analysts were encouraged by the news. JPMorgan said that for Alphabet, the decision would have “no major impact to financials going forward, which is a win,” and raised its price target to $260 to $232. Wedbush analysts said they “are increasingly constructive in the longer-term durability of Google’s Search business,” and also boosted their price target to $245 from $225.

Shares of Alphabet are 22% higher year-to-date, while Apple shares are down about 5%.

-Bill McColl

Trump Family Wades Deeper Into Crypto With ‘American Bitcoin’ Listing

11 hr 45 min ago

The Trump family keeps leaning into crypto.

This week has already offered two fresh examples: A bitcoin mining company linked to Eric Trump and Donald Trump Jr., American Bitcoin, on Wednesday listed on the Nasdaq exchange using the ticker “ABTC,” not long after their venture World Liberty Financial went live with billions of the associated token, WLFI, unlocking and now trading on secondary markets.

American Bitcoin, majority owned by Hut 8 (HUT), merged with Gryphon Digital Mining, which previously traded under “GRYP,” rebranding with a new ticker. The firm wants to be “the world’s largest, most efficient pure-play Bitcoin miner.” Shares traded at roughly $10 as of Wednesday afternoon, putting the company’s market value at roughly $9 billion.

World Liberty Financial’s token began trading over the holiday weekend. The Wall Street Journal estimated the Trump family’s stake was valued at roughly $6 billion based on the token’s peak price of around 30 cents.

President Donald Trump evolved from being anti-crypto in his first term to establishing a pro-crypto stance during his second re-election campaign. Trump Media & Technology Group (DJT), like Michael Saylor’s Strategy, buys and holds crypto. There’s also President Trump-associated memecoin (TRUMPUSD), which has an estimated market value of $1.7 billion, according to research firm Messari.

Prior to American Bitcoin’s deal with Hut 8, it was known as American Data Centers, and was initially formed to focus on building out AI infrastructure in the U.S.

-Crystal Kim

Alphabet Stock Price Levels To Watch as Shares Pop on Antitrust Ruling

12 hr 43 min ago

Alphabet (GOOGL) shares jumped Wednesday after a federal judge ruled Google doesn’t have to sell its flagship Chrome browser, alleviating worries it could be forced to break up its business.

The stock was up over 8% in recent trading near $229, leaving it on track to close at a record high after climbing as high as $230.86 shortly after the open.

Heading into Wednesday’s session, Alphabet shares had gained about 12% since the start of the year, though they trailed returns of top-performing Magnificent Seven stocks over the same period amid antitrust concerns and worries about AI-driven disruption.

Below, we take a closer look at Alphabet’s weekly chart and apply technical analysis to point out price levels worth watching.

Alphabet shares have oscillated in a right-angled broadening formation since March, with the price recently rallying toward the pattern’s upper trendline.

However, the stock broke out to an all-time high after Wednesday’s open, potentially setting the stage for a continuation of the longer-term uptrend.

The relative strength index confirms strong price momentum, though a move into overbought territory would increase the chances for near-term profit taking.

Investors can forecast how the stock’s current move higher may evolve by using bars pattern analysis, a study that uses prior price bars to project future directional movements.

When applying the technique to Alphabet’s chart, we extract the stock’s trending move higher from the March 2020 pandemic low to the November 2021 high and overlay it from this year’s April low. The analysis forecasts a target of around $395 and indicates the bullish period could last until December next year if price action rhymes with the prior move.

This earlier trend was selected as it followed a pullback in the stock of around 35%, similar to how the current move higher commenced after a comparable drawdown.

During retracements in the stock, investors should initially monitor the $192 level. This area could attract support near last year’s prominent July peak, which closely aligns with a range of corresponding trading activity situated just below January’s swing high.

A deeper pullback in Alphabet shares may bring the $151 level into play. Investors could seek to accumulate shares in this location near a horizontal line that connects several peaks and troughs on the chart extending back to the notable November 2021 high.

-Timothy Smith

Campbell’s Stock Rises as Higher Prices Drive Earnings Beat

13 hr 52 min ago

The Campbell’s Co. (CPB) shares advanced 5% Wednesday when the soup and sauces maker beat profit forecasts as more people bought food to cook at home.

The company posted fiscal 2025 fourth-quarter adjusted earnings per share of $0.62, while analysts surveyed by Visible Alpha were looking for $0.57. Sales rose 1% year-over-year to $2.32 billion, basically in line with forecasts.

Campbell’s benefited from a 2% increase in prices, helping to offset a 4% decline in volume/mix. 

Meals & Beverages unit sales were comparable to a year ago, although organic sales were down 3%, mainly because of lower demand for its Rao’s pasta sauces and U.S. soup. Snacks division sales gained 2%, but organic sales also fell, losing 2% on “declines in third-party partner and contract brands and Snyder’s of Hanover pretzels.”

The company explained that consumers “continue to be increasingly deliberate in their food choices with a focus on premiumization, flavor exploration, health and wellness and cooking at home.” It noted that because of that, Campbell’s is “well positioned to capitalize on these trends.”

In prepared comments, CEO Mick Beekhuizen added that over the past few quarters, the company has seen that “consumers remain cautious and intentional with their spending,” and that they “continue to seek value in a variety of ways, such as cooking at home—a behavior that fuels growth in our Meals & Beverages business.”

Despite today’s gains, Campbell’s shares have lost more than 20% of their value this year.

-Bill McColl

History Says Sell in September. Wall Street Is Saying ‘Keep Buying’

14 hr 38 min ago

September is historically a rough month on Wall Street, but experts see ample reason to stay invested.

Since 1928, the S&P 500’s average September result has been a 1.1% slide, the worst performance of any calendar month, according to Yardeni Research. And there is a lot to be wary of this month. 

Trade uncertainty was ramped up late last week when a federal appeals court ruled the Trump administration’s sweeping “reciprocal” tariffs were implemented illegally. Over the next few months, Wall Street will be weighing the likelihood of a similar ruling by the Supreme Court, which would have huge implications for American consumers and business operations.

This month also brings pivotal jobs and inflation data. The August jobs report, due Friday, will be the first since Trump fired the head of the Bureau of Labor Statistics after July’s report showed the U.S. added far fewer jobs over the spring than previously thought. Recent inflation data suggests tariffs could soon push up prices as businesses gradually pass on higher costs to consumers. 

And then there is Trump’s effort to exert greater influence over the central bank. If Trump succeeds in bending the central bank to his will, it could shake global confidence in the Treasury market, the ripple effects of which could be felt in stock portfolios. 

“Despite the potential for volatility and short-term pullbacks, we believe investors who are underallocated to equities should consider phasing in and using market dips to add equity exposure,” wrote UBS’ Chief Investment Office analysts on Tuesday. UBS expects the S&P 500 to reach 6,800 by the end of next June, suggesting 5% upside from Friday’s close. The index is up about 9% this year.

Healthy corporate earnings, impending rate cuts, and AI investment are a few of the forces underpinning their bullishness. About 80% of the S&P 500 reported better-than-expected second-quarter results, and the index as a whole has increased earnings by more than 12%.

Robust demand for artificial intelligence is expected to keep Big Tech revenue and earnings growing at a healthy clip. And traders expect the Fed to cut rates by as much as 50 basis points before the end of the year, which should lower interest expenses for consumers and businesses, as well as increase the capital flowing into stocks.

Macy’s Stock Soars on Unexpected Same-Store Sales Growth

15 hr 28 min ago

Macy’s (M) shares jumped nearly 20% Wednesday after the biggest U.S. department store chain posted better-than-expected results and boosted its guidance on solid demand at its “Reimagine” namesake locations, as well as Bloomingdale’s and Bluemercury stores.

The company reported second-quarter adjusted earnings per share of $0.41—more than double what analysts surveyed by Visible Alpha were looking for. Revenue fell nearly 2% year-over-year to $5.0 billion, also above forecasts. Comparable sales were up 0.8%, while the Visible Alpha estimate was for a decline of 0.3%.

While sales at Macy’s stores were down 3.8%, comparable store sales rose 0.4%. At its 125 “Reimagine” stores, comparable sales were 1.1% higher. Sales and comparable sales rose at both Bloomingdale’s (4.6% and 3.6%, respectively) and Bluemercury (3.3% and 1.2%). 

The company slashed selling, general, and administrative expenses by $29 million to $1.9 billion, which came from the closure of Macy’s locations and cost-cutting strategies.

CEO Tony Spring said Macy’s had its strongest comparable sales growth in 12 quarters, adding that the performance reflected the firm’s “advantages of being a multi-brand, multi-category, omni-channel retailer.”

The company now sees full-year adjusted EPS of $1.70 to $2.05, compared to its earlier outlook of $1.60 to $2.00. It anticipates sales of $21.15 billion to $21.45 billion, versus the previous expectation of $21.0 billion to $21.4 billion.

Even with today’s sharp gains, shares of Macy’s remain more than 5% lower year-to-date.

-Bill McColl

Gold Hits New Record High: Key Price Levels Investors Need to Monitor

16 hr 11 min ago

The price of gold (XAUUSD) surged to an all-time high Tuesday and continued to gain ground on Wednesday, amid renewed tariff uncertainty and expectations that the Federal Reserve will cut interest rates soon.

Spot gold was up 0.6% at $3,555 an ounce on Wednesday morning. The precious metal has gained about 35% since the start of the year, supported by central bank buying, tensions in the Middle East, and economic uncertainty.

Below, we take a closer look at gold’s chart and use technical analysis to point out key price levels worth watching.

Gold’s price consolidated within a five-month symmetrical triangle before breaking out from the pattern on Friday, potentially laying the groundwork for a continuation higher.

While the relative strength index moves toward overbought levels to signal strong price momentum, the indicator remains below 75, a reading that has coincided with minor retracements in the commodity after strong trending periods.

Importantly, increasing trading volume has accompanied recent buying, indicating heightened investor interest. 

Let’s identify a bullish price target to watch if gold prices continue their push higher and also point out important support levels worth monitoring during future pullbacks.

Investors can forecast a bullish target using the measured move technique, a study that analyzes chart patterns to project future price movements.

When applying the analysis to gold’s chart, we calculate the distance of the symmetrical triangle near its widest point and add that amount to the pattern’s top trendline. For instance, adding $500 to Friday’s close around $3,430 projects a bullish target of $3,930, about 11% above gold’s current trading levels.

During retracements, investors should initially monitor the $3,430 level. This location may provide support near Friday’s breakout point, which also closely aligns with several peaks on the chart stretching back to April.

Finally, bullion bulls’ inability to successfully defend this level could see gold revisit lower support around $3,150. The precious metal may attract buying interest in this region near the early April high and May swing low.

-Timothy Smith

Stock Futures Mostly Higher in Early Trading

17 hr 15 min ago

Futures contracts connected to the Dow Jones Industrial Average were down about 0.2% in premarket trading.

S&P 500 futures rose about 0.3%.

Nasdaq 100 futures advanced nearly 0.7%.