United States benchmark averages posted a mixed performance on Wednesday (Thursday AEST), as gains in technology shares offset losses in banking and energy stocks amid renewed concerns about the economy.
The Dow Jones Industrial Average slipped 24.6 points, or 0.1%, to close at 45,271.2, while the S&P 500 added 32.7 points, or 0.5%, to finish at 6,448.3. The tech-heavy Nasdaq Composite outperformed, rising 218.1 points, or 1%, to 21,497.7.
Alphabet shares surged 9.1% to close at fresh record highs after a federal judge ruled that the company can retain its Chrome browser but must stop striking exclusive search deals and share its search data.
The ruling avoided the most severe potential outcomes for Google, with the court noting that artificial intelligence has broadened consumer choice.
Apple also benefited from the decision, as it will be allowed to continue preloading Google Search on iPhones, a lucrative arrangement for the company.
Apple shares climbed 3.8% despite facing its own antitrust scrutiny.
In contrast, financial and energy stocks weakened as investors grew more cautious about slowing economic momentum and rising bond yields.
Concerns were heightened by fresh labour market data showing job openings at their lowest levels since the height of the Covid-19 pandemic.
The Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) reported 7.18 million openings, below expectations of 7.4 million.
The figures place greater emphasis on Friday’s August jobs report as the next key test for markets.
On Wednesday, the 10-year Treasury yield fell 1.1% to 4.217%, while the 2-year yield dropped 0.6% to 3.619%.
