Stocks climbed Wednesday as Treasury yields retreated after a slew of economic data suggested decades-high interest rates are weighing on manufacturing, services, and hiring.
The Nasdaq Composite rose 0.9% to close at a record for the 23rd time this year. The S&P 500 also hit a record after gaining 0.5%. The Dow Jones Industrial Average slipped 0.1%. U.S. markets closed at 1 p.m. ET and will remain closed Thursday in observance of Independence Day.
Tesla (TSLA) shares continued to rally after jumping more than 10% yesterday following a better-than-expected deliveries report. Paramount (PARA) led the S&P 500 after reports Tuesday evening that the media conglomerate’s merger with Skydance Media is back on track after a deal between the two sides was abruptly called off last month.
Private employers added fewer jobs than expected in June, the third straight month in which payroll growth has slowed, according to ADP. Wednesday’s report could serve as a preview to the Bureau of Labor Statistics’ monthly jobs report that’s set to be released Friday.
Other data showed first-time unemployment claims unexpectedly ticked up last week, while the trade deficit expanded to a 19-month high, services business activity contracted in May, and manufacturing orders fell in June.
Treasury yields and the dollar tumbled following the morning’s economic data, while oil, gold, and silver prices advanced. Most major cryptocurrencies slid.
Tuesday was a positive day for markets, with the Nasdaq Composite and S&P 500 both reaching record highs. Tesla (TSLA) surged after releasing strong second-quarter delivery numbers, while Fed Chair Jerome Powell said at a conference in Portugal that the central bank had “made a lot of progress” on inflation, but didn’t provide insight into when the Fed plans to cut interest rates.
Stock Indexes Wrap: Semiconductors, Tech Ride AI Wave Higher as Healthcare Stocks Lag
3 hr 12 min ago
The Dow
Salesforce (CRM) led the index, rising 1.8%. Apple (AAPL) and Microsoft (MSFT) ticked up 0.6% and 0.3%, respectively, to both close at records.
Healthcare stocks trailed the broader market on Wednesday. UnitedHealth Group (UNH) slid 1.7%, while Merck (MRK) shed 1.5% and Amgen (AMGN) dropped 0.5%.
The S&P 500
Paramount Global (PARA) surged 6.9% following reports that it had reached a tentative merger deal with Skydance Media, an about-face after talks between the companies were called off late last month.
Tesla (TSLA) rose 6.5%, adding to yesterday’s gains that followed a better-than-expected second-quarter deliveries report.
Newmont (NEM) gained 4.1% as gold prices got a boost from a falling U.S. dollar. Freeport-McMoRan (FCX) climbed 4% alongside rising copper prices.
Constellation Brands (STZ) fell 3.4% despite beating earnings estimates and raising its full-year profit outlook amid continued strength in its beer segment.
Eli Lilly (LLY) shares fell 1.1%, declining for a second day after President Joe Biden on Tuesday railed against the company and Danish competitor Novo Nordisk (NVO) over the cost of their popular weight loss drugs.
The Nasdaq 100
High-growth AI stocks were buoyed by falling Treasury yields and optimism about impending interest rate cuts. Nvidia (NVDA) rose 4.6% and Broadcom (AVGO) added 4.3%. Micron (MU) gained 3.2% and Arm Holdings (ARM) climbed 2.9%.
Shares of Biogen (BIIB) fell 1.8%, declining for a second day as investors digested the FDA’s decision yesterday to approve Eli Lilly’s Alzheimer’s drug donanemab, a direct competitor to Biogen’s Leqembi.
Constellation Brands Raises EPS Outlook Amid Higher Beer Sales
3 hr 48 min ago
Constellation Brands (STZ) on Wednesday reported a big jump in first-quarter profit and lifted its full-year guidance on higher beer sales, but wine and spirits sales fell.
The company reported first-quarter fiscal 2025 earnings per share (EPS) of $4.78, well above the $3.45 consensus estimate of analysts compiled by Visible Alpha and last year’s figure of $0.74. Revenue was up 5.8% year-over-year to $2.66 billion, a tick below forecasts.
Beer sales rose 8.3% to $2.27 billion, boosted by a gain of 7.6% in shipment volumes.
While the beer business flourished, sales of wine and spirits declined 6.6% to $389 million, as shipment volumes slipped 5.1%.
Constellation Brands now expects full-year EPS of $14.63 to $14.93, up from its previous outlook of $13.40 to $13.70.
Despite the solid results, Constellations Brands’ stock fell 4% in intraday trading on Wednesday, nearly erasing its year-to-date gains.
Tesla Deliveries Rally Nearly Erases YTD Losses
4 hr 20 min ago
Tesla (TSLA) shares continued to climb on Wednesday, bringing the electric vehicle maker close to erasing its year-to-date losses.
The stock has surged each day this week, first on Monday in anticipation of solid second-quarter deliveries and then yesterday when that data did surpass expectations.
Sluggish electric vehicle sales and reports that the company had abandoned plans for a low-cost model weighed on the stock throughout the first quarter of the year. But its more than 20% rally in the last few days has nearly erased its year-to-date losses, which in April exceeded 40%.
As of midday Wednesday afternoon, shares were trading just 1% below where they started the year.
Southwest Adopts ‘Poison Pill’ Shareholder Rights Plan
5 hr 17 min ago
Southwest Airlines (LUV) on Wednesday implemented a so-called poison pill shareholder rights plan to prevent activist Elliott Investment Management from acquiring additional shares.
Intended to help protect Southwest Chief Executive Officer (CEO) Bob Jordan and chairman Gary Kelly, whom Elliott is trying to oust, the plan would be triggered if any group acquires at least a 12.5% stake in the company. If that happens, all other Southwest shareholders would have the opportunity to buy additional shares equal to their current stake at a 50% discount.
Elliott holds an 11% stake in Southwest, and said last week that “leadership change is urgently needed” after the airline cut its second-quarter revenue per available seat mile (RASM) guidance.
Southwest Airlines shares were up less than 1% Wednesday, and are down about 2% year-to-date.
Paramount Jumps Amid Reports That Skydance Merger Is Back On
6 hr 19 min ago
Paramount Global (PARA) shares surged again Wednesday amid reports that its deal to merge with Skydance Media was back on after controlling shareholder Shari Redstone reportedly ended the discussions last month.
The resumed discussions would see Skydance buy National Amusements—the holding company owned by Shari Redstone that controls about 77% of Paramount’s voting shares—then merge Skydance with Paramount, according to multiple reports.
Skydance reportedly would pay $4.5 billion to acquire about half of Paramount’s controlling shares at $15 per share, with another $1.5 billion set to go to Paramount’s balance sheet, as the company has struggled with debt.
Paramount shares jumped about 10% to $11.80 Wednesday morning after closing 5.7% higher Tuesday. Shares are still down about 20% so far this year.
-Aaron McDade
Stock Futures Fall After Unemployment, Trade Data
7 hr 11 min ago
Futures contracts connected to the Dow Jones Industrial Average were little changed in premarket trading on Wednesday.
S&P 500 futures were off 0.1%.
Nasdaq 100 futures were down 0.2%.
![i’m-nervous,-too!-[part-2]](https://10xwealthreport.com/wp-content/uploads/2026/03/177042-im-nervous-too-part-2-1568x784.jpg)
