US stocks rebound; Meta and Wells Fargo lead gains
US stocks recovered on Wednesday, trimming weekly losses. The S&P 500 and Dow rose 0.5% each while the Nasdaq 100 stayed slightly below flatline, as tech and banks led gains.
US stocks recovered on Wednesday, trimming losses from the week amid a rebound for heavyweight tech stocks.
The S&P 500 and the Dow rose 0.5% each, while the Nasdaq 100 remained slightly below the flatline.
Technology companies and banks led the gains after the rise in bond yields in recent sessions had hampered the outlook on credit-sensitive industries.
Meta jumped 2.5% and Wells Fargo surged 3%.
Meanwhile, Nvidia jumped by nearly 5% on reports it is approaching the acquisition of Hugging Face for $14 billion.
On top of that, Dell soared up to 10% in the session after beating its earnings and raising its revenue guidance.
On the other hand, Palo Alto Networks sank 7% despite beating earnings estimates.
Broadcom reports after the bell.
Still, fresh strikes between Iran and the US maintained expectations of low energy supply from the Middle East in the near term, supporting yields across the curve.