Dell Technologies tops the S&P 500 following robust quarterly earnings.
- The S&P 500 ended Wednesday 0.5% higher, while the Nasdaq 100 added 0.2% and the Dow Jones Industrial Average gained 0.6%.
- West Texas Intermediate crude steadied at the $ 90-a-barrel level.
- Microsoft released its Azure revenue data for the first time.
U.S. stock indices ended higher on Wednesday after oil prices halted their advance, as investors weighed inflation, economic growth, and the possibility of a rate hike at the upcoming September monetary policy meeting.
The S&P 500 ended Wednesday 0.5% higher, with Dell Technologies Inc. leading the gainers, surging 16% to record its strongest single-day gain since May 29 following a $25 billion upward revision to its annual revenue guidance. The Nasdaq 100 added 0.2% and the Dow Jones Industrial Average gained 0.6%. The Russell 2000, which tracks stocks with small market capitalizations, rose about 1%.
S&P 500 futures were up 0.02%. Dow futures were up 19 points, or 0.04%, and Nasdaq 100 futures were up 0.03% at the time of writing.
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) rose 0.4%, and Invesco QQQ Trust (QQQ) ended Wednesday 0.2% higher, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) was up 0.6%.
Meanwhile, the VanEck Semiconductor ETF (SMH) added 0.9%, while the iShares Semiconductor ETF (SOXX) was flat, tracking gains in Nvidia (NVDA) and Micron Technology (MU). The broader Vanguard Information Technology ETF (VGT) rose 0.2%.
Retail sentiment on Stocktwits for QQQ, SPY, and DIA was ‘bearish’ with ‘high’ message volumes.
US Market Drivers
| Index | Move | Close |
| Dow Jones Industrial Average | 0.6% | 53,061.95 |
| S&P 500 | 0.5% | 7,666.60 |
| Nasdaq 100 | 0.2% | 29,143.33 |
Domestic equities faced renewed headwinds this week as escalating friction between the U.S. and Iran regarding the Strait of Hormuz disrupted a brief lull in hostilities. This geopolitical tension sparked a sudden jump in energy costs amid mounting anxieties of a prolonged conflict. By Wednesday, West Texas Intermediate crude stabilized near the $90-a-barrel threshold as Treasury yields retreated.
“The key driver is oil,” Jay Hatfield, CEO of Infrastructure Capital Advisors, said to CNBC, noting that the market is range-bound in a seasonally weak period. “That’s why the market is able to get a little rally today, because oil’s topping out.”
Economic activity across the United States expanded at a modest pace from early July through late August, strengthened by steady manufacturing orders and strong demand for data center infrastructure, according to the Federal Reserve’s August 2026 Beige Book released on Wednesday.
Ten of the Fed’s 12 regional districts reported slight to moderate growth, while two districts noted stagnant conditions. However, business contacts nationwide expressed heightened anxiety about persistent increases in input costs, rising fuel costs linked to Middle East instability, and potential tariff impacts.
Key Trending Stocks
Microsoft Corp. (MSFT): The company announced after-hours on Wednesday that it will begin reporting quarterly sales figures for its Azure cloud unit, reversing a years-long policy amid sustained pressure from Wall Street investors seeking greater visibility into its primary revenue growth driver.
Broadcom Inc. (AVGO): The chipmaker delivered a strong third-quarter financial performance for fiscal 2026, pushed upward by surging demand for custom artificial intelligence processors and networking components, but its Q4 guidance fell short of expectations.
T-Mobile (TMUS): Activist investor Elliott Investment Management has built a sizeable stake in parent Deutsche Telekom and wants the company to drop a potential combination with its U.S. wireless unit.
Uber (UBER): The ride-booking firm plans to cut about 3,300 jobs, roughly 10% of its global workforce.
AST SpaceMobile (ASTS): Berenberg initiated a bullish rating, and early investor and board member Adriana Cisnero purchased about 10,000 shares of the company's stock, according to a regulatory filing.
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