Wall Street gained on Wednesday, rebounding after a tech-led sell-off in the previous session, as more US firms delivered their quarterly results. Strong ADP employment figures eased some concerns about a weakening labour market.
The monthly report from ADP revealed that US private sector hiring rose by 42,000 jobs in October.
As of 9:48 AM Eastern Time, the S&P 500 rose 0.1%, the Dow Jones Industrial Average gained 0.1%, the Nasdaq Composite added 0.3%.
In the bond market, the yield on the 10-year Treasury rose to 4.12% from 4.09% late on Tuesday.
Key Stock Movers
McDonald’s jumped 3.1% after the burger giant reported that its sales had been boosted by the return of its popular Snack Wraps in the third quarter.
Taser manufacturer Axon Enterprise saw its slumped 17.3% after it forecast lower profits than expected by Wall Street analysts.
Similarly, Live Nation Entertainment stock shed 6.4% after the company’s results fell short of market forecasts.
Bullion Market
Gold prices climbed on Wednesday, buoyed by investors seeking refuge from riskier assets, despite stronger-than-expected private sector employment figures from the US.
Spot gold was trading 1.1% higher at $3,976.15 per ounce by 13:58 GMT. US gold futures, designated for December delivery, advanced 0.7% to hit $3,986.40 per ounce.
Elsewhere in the metals markets, spot silver rallied 1.9% to $47.98 per ounce, platinum ticked up 1% to $1,550.60, and palladium notched up a gain of 2.2% to stand at $1,421.96.
Global oil benchmarks retreated on Wednesday, pressured by a strengthening US dollar and discouraging economic reports from major energy-consuming nations.
Brent crude futures fell 0.6% lower at $64.07 a barrel, while US West Texas Intermediate (WTI) shed 0.7%, dropping to $60.13.
