Stocks rise for first time in four sessions as Treasury yields take breather: Live updates

Stocks rose on Wednesday as U.S.

Treasury yields took a breather from the recent run-up that sent them to multiyear highs. The S&P 500 traded up 0.4%, as did the Nasdaq Composite. The Dow Jones Industrial Average added 221 points, or 0.4%, boosted by a rise in shares of Nvidia and Johnson & Johnson.

Stocks have been pressured lately by elevated bond yields as traders worried about the impact of rising oil prices on inflation. The S&P 500, as well as the tech-heavy Nasdaq and 30-stock Dow, are currently on track to snap a three-day losing streak. The benchmark U.S. 10-year Treasury note yield hit a high of 4.818% on Wednesday — a level not seen since November 2023.

Yields in the U.K., Germany and France also rose. In Japan, the 10-year government bond yield traded around multi-decade highs. The major averages saw gains Wednesday as the latest rise in yields eased, with the 10-year yield last trading around the flatline.

"The key driver is oil," Jay Hatfield, CEO of Infrastructure Capital Advisors, said to CNBC, noting that the market is rangebound in a seasonally weak period. "That's why the market is able to get a little rally today, because oil's topping out." West Texas Intermediate crude futures were last trading above $90 per barrel, while Brent crude futures were trading above $95 a barrel.

The gains come as the U.S. launched more military strikes on Iran, raising concern that the conflict could escalate once more. Hatfield said while he doubts there will be a peace deal between Iran and the U.S., the recent rise in oil prices may be short lived. He expects the S&P 500 to bottom out at 7,500.

"We believe oil will trend down over the next six months as non-OPEC production ramps up and alternative oil routes develop," he added. Energy Secretary Chris Wright told CNBC Wednesday that more than 17 million barrels of oil moved through the Strait of Hormuz on Monday. That's the highest level since the Iran war broke out in February.

Stocks making big moves: AST SpaceMobile, PG&E Corp., Snowflake Here are some of the companies making headlines in midday trading: AST SpaceMobile – The satellite designer jumped almost 10% after Berenberg began coverage of the company and several of its peers. Berenberg gave AST SpaceMobile a buy rating and a price target of $92, suggesting about 65% upside from Tuesday's close.

The company has "a winning space-based direct-to-device strategy," wrote Berenberg, noting that the firm sees "asymmetric risk-reward" and multiple catalysts. PG&E Corp. – The California utility dropped another 7% after plunging 20% Monday.

Oakland-based PG&E began a strategic and financial review to study a possible reorganization, and deferred $2 billion in 2027 capital spending to curb "the need for higher-cost borrowing." Snowflake — The artificial intelligence data cloud company dropped 4% as its earnings report loomed. Analysts polled by FactSet see second-quarter earnings coming in at 45 cents per share on revenue of $1.48 billion.

Snowflake has been on a tear in 2026, up about 40%. Read the full list here. — Ananya Chetia Brazilian stocks rise ahead of presidential election The iShares MSCI Brazil ETF (EWZ) popped nearly 4% on Wednesday, putting it on pace for its best day in roughly five months. The move marks the fund's biggest intraday gain since March 21, when it jumped 4.41%.

The ETF was also last trading more than 6.8% higher on a weekly basis. It's on track to notch its third-consecutive week of gains. Stocks listed in Brazil are rising as Brazilian President Luiz Inacio Lula da Silva's lead over right-wing politician Senator Flavio Bolsonaro continues to narrow, according to a Quaest poll commissioned by Globo.

Brazilians are slated to elect their next president in October. — Liz Napolitano More than 17 million barrels of oil transited the Strait of Hormuz Monday, Energy Secretary Chris Wright says More than 17 million barrels of oil transited the Strait of Hormuz by ship on Monday, a record since the Iran war began in late February, U.S. Energy Secretary Chris Wright told CNBC in an interview Wednesday.

Oil exports from the region on Monday were higher than pre-war levels when Saudi Arabia's and the United Arab Emirate's pipelines that bypass Hormuz are included, Wright said. Around 20 million bpd of crude and products passed through the strait before the war started on Feb.

28. Read more here. — Spencer Kimball Recent yield surge due to strong economic prospects, New York Fed’s Williams says New York Federal Reserve President John Williams said Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction.

The central bank policymaker added in a CNBC interview that he's still absorbing economic data, and did not commit on whether he thinks an interest rate hike is necessary. "I think that we have to wait and see," Williams told CNBC's Steve Liesman during a "Squawk Box" interview from the New York bank's headquarters in lower Manhattan.

"There's no clear signs right now whether monetary policy currently is sufficient to make sure we bring inflation back to target in the next year or two, or whether you need to see further action to do that." Read the full story here. — Jeff Cox S&P 500, Nasdaq open little changed The S&P 500 and Nasdaq Composite began Wednesday's session little changed.

The broad market index added 0.1% shortly after the opening bell, and the tech-heavy Nasdaq slid 0.1%.

The Dow Jones Industrial Average moved up 187 points, or 0.4%. — Sean Conlon Private payrolls rise less than expected in August, ADP reports Private U.S. companies added jobs at a slightly slower-than-expected pace in August, with gains concentrated heavily in health care and a few other industries, ADP reported Wednesday.

The payrolls processing firm said firms added 38,000 workers, fewer than the upwardly revised 46,000 in July and below the Dow Jones consensus estimate for 47,000. Though job creation held positive, August was the smallest gain since January and reflective of a broader slowdown in the labor market. Moreover, most of the jobs came from three sectors, with multiple others showing declines.

Read more. — Jeff Cox Uber to lay off 10% of workforce, stock rises Uber is laying off 10% of its labor force, or about 3,300 roles, amid a restructuring to reduce management layers. The number of managers will be reduced by 20% within the company, and Uber will also move to bring more workers back in-person. Just about 1% of employees will be allowed to work remotely going forward.

Shares of Uber were up more than 1.5% in response to the news. — Davis Giangiulio Rates should 'stabilize and start to decline' over the coming months, Lutnick says Commerce Secretary Howard Lutnick doesn't believe the recent rise in Treasury yields is anything to be concerned about.

In an interview with CNBC's "Squawk Box" on Wednesday, Lutnick said he thinks that a pickup in the growth rate of the U.S. economy, as well as a reduction in the deficit — which reached its highest monthly level in more than five years in July — will ultimately "bring rates down." "I'm comfortable with where things are," he said.

"I think what you'll see is rates stabilize and start to decline over the coming, let's say, six months." On Wednesday, the 10-year U.S. Treasury note yield hit its highest level since November 2023. — Sean Conlon 10-year Treasury yield hits 2023 high The benchmark U.S. 10-year Treasury note yield hit a high of 4.814% on the day, a level not seen since November 2023. Yields in the U.K., Germany and France also rose.

In Japan, the 10-year government yield remained around multidecade highs. — Fred Imbert Dell surges in premarket trading after lifting annual revenue forecast Dell jumped 9.4% in premarket trading on Wednesday after raising its annual revenue forecast after seeing strength in AI server sales. Hewlett Packard also rose 5.5% before the market opened due to Dell's earnings.

Other companies moving in premarket on earnings included Palo Alto Networks, which fell 1.7%. GitLab also surged 20% on second-quarter results. — Sawdah Bhaimiya Asia-Pacific markets close lower as Mideast tensions dent sentiment Japan's Nikkei 225 closed 2.85% lower at 64,325.64, while South Korea's Kospi fell 4% to 6,562.72. Australia's benchmark S&P/ASX 200 dropped 0.97% to 8,978.40.

Hong Kong's Hang Seng index was down 0.24% as of its last hour of trading, while mainland China's CSI 300 closed 1.38% lower at 4,547.96. — Justina Lee European stock markets slide in early trade Europe's benchmark Stoxx 600 index was trading below the flatline around 8:10 a.m. in London (3:10 a.m.

E.T.), reversing its opening gain, as most major continental bourses and regional sectors started Wednesday's session in the red. Media stocks led losses, sliding 1.4% in morning dealmaking, followed by European automakers and parts names, which slipped 1.2%. The Italian FTSE MIB was up 0.2% in Milan, but other regional indexes edged lower.

In Frankfurt, Germany's DAX began the session 0.2% down, while in London the U.K.'s FTSE 100 also dipped about 0.1%. In Paris, the French CAC 40 was just below the flatline. — Hugh Leask Global bond sell off deepens Global bond yields continued to tick higher as concerns over spiraling government debt and renewed Middle East tensions continue to weigh on investors following Tuesday's sharp sell-off.

The yield on the 10-year U.S. Treasury note was more than 1 basis point higher at 4.8102%, touching its highest level since November 2023, while the 30-year Treasury yield rose 2 basis points to 5.2878%. The yield on U.K. 10-year Gilts, the benchmark for British government debt, was last seen more than 4 basis points higher at 5.2660%, while the longer-dated 30-year Gilt yield was flat at 5.8537%.

In Germany, 10-year Bund yields — seen as a barometer for euro zone borrowing — were up more than 3 basis points in early trade Wednesday at 3.3759%. The 30-year Bund yield was also up more than 3 basis points at 3.8468%, nearing their highest level since 1998.

Yields on Japan's benchmark 10-year government bonds remain above 3%. — Hugh Leask Nokia set to rejoin Stoxx 50 — with Volkswagen dropping out Nokia is set to rejoin the Stoxx 50 later this month, with Volkswagen likely to lose its place in Europe's blue chip index. Shares in the Finnish telecoms company hit an 18-year high in June, after doubling on the year.

VW, meanwhile, has slumped 30% year-to-date as the German auto giant grapples with fierce competition from China and a major restructuring.

It comes as the carmaker unveiled plans to end production at four plants in Germany between 2031 and 2034. — Hugh Leask European markets set to start Wednesday's session in the red Stoxx 50 futures were 0.51% lower ahead of Wednesday's opening bell, with all of the continent's main bourses seen in negative territory, as global energy prices continued to rise following fresh U.S. strikes on Iran.

The French CAC 40 was down 0.29% in premarket trading, while in the U.K. the FTSE 100 is seen opening 0.45% lower.

The Italian FTSE MIB was expected to open down 0.51%, and Germany's DAX is set to start the day 0.58% lower. — Hugh Leask Oil rises following tit-for-tat strikes by the U.S. and Iran Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. carried out its latest round of attacks on Iran, while Tehran reportedly struck back at U.S. allies.

Futures for international benchmark Brent crude for November delivery advanced 0.92% at $95.52 a barrel, paring earlier gains. U.S. West Texas Intermediate futures for October rose 0.60% to $90.76 per barrel. "The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile," said Edward Rosenberg, head of ETFs at Strategy Shares.

"Sanctions, stalled negotiations, and mixed signals on whether Iran wants the war to end are swinging prices day to day, not just holding them high." — Justina Lee Japanese green tea giant Ito En surges 8%, defying a broad market sell-off Shares of Japanese beverage maker Ito En surged more than 8% Wednesday, following its fiscal first-quarter results, bucking a broader drop in the country's stocks.

The maker of Oi Ocha green tea on Tuesday reported operating profit of 10.2 billion yen ($63.7 million) for the three months from May through July, up 22% from a year earlier. Revenue rose 3.3% to 135.18 billion yen over the same period. Operating profit came in well above Citi's forecast of 7.7 billion yen.

The bank had expected profit to decline on the back of higher raw material and tea leaf costs, as well as expenses related to the company's vending machine business. — Jenny Lee Australia posts second-quarter growth of 2.1%, beating expectations Australia's economic growth beat expectations in the second quarter, expanding 2.1% year on year, data released Wednesday showed.

Economists polled by Reuters had estimated growth at 1.8%, while the economy had expanded by 2.5% in the prior quarter. On a quarter-on-quarter basis, GDP rose 0.4%, also marginally surpassing expectations of 0.3%. The slight growth was driven by private demand and mining exports.

The Australian Bureau of Statistics said in its statement that households continued to behave cautiously, with spending remaining subdued and rising just 0.4%.

Households reduced fuel consumption due to elevated prices owed to the Middle East conflict, and cut domestic and international travel. — Lim Hui Jie Mainland China and Hong Kong benchmark indexes open lower Mainland China and Hong Kong indexes opened lower as Asian markets saw a broad decline. Hong Kong's Hang Seng index was down 1.09%, while mainland China's CSI 300 dropped nearly 1%.

The declines in Hang Seng were led by basic materials and industrials sectors, down 3.74% and 3.19%, respectively. — Justina Lee Asia-Pacific markets open lower, tracking Wall Street losses Asia-Pacific markets traded lower early Wednesday, amid concerns over elevated oil prices and higher bond yields and escalating Middle East tensions. Japan's Nikkei 225 declined 1.60% while the Topix dropped 1.44%.

The Kospi fell 2.87% at open, while the small-cap Kosdaq declined 2.51%. Australia's benchmark S&P/ASX 200 was 1.09% lower. — Justina Lee Asia-Pacific markets set to open lower as Mideast tensions, higher bond yields dent sentiment Asia-Pacific markets were set to open broadly lower Wednesday, tracking Wall Street losses amid worries over escalating Middle East tensions, elevated oil prices and higher bond yields.

Japan's Nikkei 225 was poised to decline, with the Chicago futures contract at 64,845 and its Osaka counterpart last trading at 64,880, compared with the index's previous close of 66,215.34. Hong Kong Hang Seng index futures were at 25,176, compared with the index's last close of 25,329.73. Futures for Australia's S&P/ASX 200 last traded at 8,933, while the index closed at 9,066.70.

Tensions between Iran and the U.S. continue to escalate, after the U.S. carried out its latest round of attacks on Iran. The U.S. Central Command said in a X post, the strikes "follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members." A tanker was struck by three unknown projectiles while transiting Hormuz on Monday, the U.K.

Maritime Trade Operations Centre said in an incident report — Justina Lee See the stocks moving after hours These are some of the stocks moving after hours: Dell Technologies — Shares of the computer maker jumped almost 9% after beating expectations on both lines. Dell also lifted its forecast for the fiscal 2027 year, citing strength in the artificial intelligence service business.

MongoDB — The data developer shares dropped 12% despite posting better-than-expected earnings and upbeat guidance. MongoDB said it earned $1.90 per share, excluding items, on $772 million in the second quarter, while analysts surveyed by LSEG forecasted $1.61 a share and $734 million.

Credo Technology — Shares of the connectivity stock slid almost 4% after its non-GAAP gross margin for the first quarter came in at 68%, while analysts polled by LSEG penciled in 68.3%. However, Credo beat expectations on both lines for the first quarter. See the full list here. — Alex Harring Stock futures are near flat Futures tied to the Dow, S&P 500 and Nasdaq 100 are all near flat shortly after 6 p.m.

ET Tuesday. — Alex Harring