Wall Street steadies itself as Alphabet pulls tech stocks higher

By STAN CHOE Associated Press Business Writer NEW YORK AP Wall Street is steadying on Wednesday as Alphabet and other device stocks rise The S P added and was on track to break its two-day losing streak since setting its latest all-time high The Dow Jones Industrial Average was down points or as of a m Eastern time and the Nasdaq composite was higher Google s parent company climbed and was one of the strongest forces lifting the area after avoiding certain of the worst-case scenarios in its antitrust incident A federal judge on Tuesday ordered a shake-up of Google s search engine but did not force a sale of its Chrome browser Related Articles US job openings slip to million in July more evidence the American labor territory is cooling How to regret-proof your home purchase Disney to pay million fine after FTC says it allowed figures collection on kids Google avoids breakup in search monopoly development but judge orders other changes in landmark ruling Amazon ends a plan that lets Prime members share free shipping perk with users outside household Because Alphabet is one of Wall Street s preponderance valuable companies its stock movements carry more weight on the S P and other indexes than the typical company s Also helping to steady Wall Street was a calming bond field A day earlier rising yields for cabinet bonds around the world raised the pressure on the stock territory Yields climbed on worries about governments abilities to repay their growing mountains of debt as well as concerns that President Donald Trump s pressure on the Federal Reserve to cut short-term interest rates could lead to higher inflation in the long term Such worries have pushed investors to demand higher yields in exchange for lending money to governments worldwide And when bonds are paying more in interest investors are less likely to pay high prices for stocks which are riskier investments On Wednesday Treasury yields retreated following the latest weaker-than-expected assessment on the U S job sphere The -year Treasury yield fell to from late Tuesday for example The statement revealed that U S employers were advertising million job openings at the end of July fewer than economists expected The numbers bolster the growing sense on Wall Street that the job field is ossifying into a low-hire low-fire state A weakened job sector could push the Federal Reserve to cut its main interest rate for the first time this year at its next meeting which is scheduled for later this month That s the widespread expectation among traders Lower interest rates could give the job industry and overall business activity a boost along with prices for investments But they can also push inflation higher when Trump s tariffs may raising prices for all kinds of imports Trading on Wall Street was mixed outside of tech stocks which benefited from the Alphabet ruling Apple rose as analysts announced the ruling will still allow it to sign lucrative search deals with Google This is a relief an outcome that is much better than feared for Google and for Apple according to Chris Marangi co-chief capital officer of value at Gabelli Funds Macy s jumped for one of the field s bigger gains after the retailer communicated stronger profit and revenue for the latest quarter than analysts expected The owner of Bloomingdale s delivered the best development in an key measure of sales in three years and it also raised its forecasts for sales and profit this fiscal year American Bitcoin a bitcoin treasury and mining company linked to the Trump family soared in its first day of trading on the Nasdaq after completing a merger with Gryphon Digital Mining Movements for its stock were so frenetic that trading was halted several times in the day s first hour On the losing end of Wall Street was Dollar Tree even though the retailer released better profit for the latest quarter than analysts expected A chunk of its stronger-than-expected performance came because of the timing of tariffs which could drag down its results in the current quarter Analysts also disclosed expectations were high for the value retailer coming into its overview Its stock fell slicing into its gain for the year that came into the day at a stellar In stock markets abroad European indexes ticked higher following a weaker finish across much of Asia Japan s Nikkei fell amid uncertainty about the political future of Japanese Prime Minister Shigeru Ishiba AP Business Writer Yuri Kageyama contributed