Wall Street steadies itself as Alphabet rallies and pressure eases from the bond market

NEW YORK (AP) — Wall Street steadied on Wednesday after Alphabet and other technology stocks rallied. It also got some relief from easing pressure from the bond market, where the latest discouraging report on the U.S. job market bolstered expectations that the Federal Reserve will cut interest rates soon to support the economy.

The S&P 500 climbed 0.5% to break the two-day losing slide it had been on since setting its latest all-time high. The Dow Jones Industrial Average dipped 24 points, or 0.1%, and the Nasdaq composite climbed 1%.

Google’s parent company was one of the strongest forces lifting the market and jumped 9.1% after avoiding some of the worst-case scenarios in its antitrust case. A federal judge on Tuesday ordered a shake-up of Google’s search engine but did not force a sale of its Chrome browser.

Because Alphabet is one of Wall Street’s most valuable companies, its stock movements carry much more weight on the S&P 500 and other indexes than the typical company’s.

Also helping to steady Wall Street was a calming bond market. A day earlier, yields climbed worldwide 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 before lending money to governments. And when bonds are paying more in interest, investors feel less need to pay high prices for stocks, which are riskier investments.

On Wednesday, Treasury yields retreated following the latest report on the U.S. job market to come in weaker than expected. The 10-year Treasury yield fell to 4.22% from 4.28% late Tuesday, for example.

The report showed that U.S. employers were advertising 7.2 million job openings at the end of July, fewer than economists had forecast. The number bolsters the sense on Wall Street that the job market may be ossifying into a low-hire, low-fire state.

A weakened job market 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, with the next big data point coming on Friday via an update on U.S. hiring during August.

Lower interest rates could give the job market and overall economy a boost. The downside is that they can also push inflation higher when Trump’s tariffs may be set to raise prices for all kinds of imports.

Trading on Wall Street was mixed outside of tech stocks, which benefited from the Alphabet ruling. Apple rose 3.8% after analysts highlighted how 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 investment officer of value at Gabelli Funds.

Macy’s jumped 20.7% for one of the market’s bigger gains after the retailer reported stronger profit and revenue for the latest quarter than analysts expected. The owner of Bloomingdale’s delivered the best growth in an important 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, rose 16.5% in a manic first day of trading after completing its merger with Gryphon Digital Mining. Its stock price more than doubled at one point, and its movements were so frenetic that trading was halted several times through the day.

Campbell’s rose 7.2% after the company behind the Goldfish and V8 brands reported a stronger profit for the latest quarter than analysts expected. It also said, though, that customers are continuing to be “increasingly deliberate” and that tariffs may help drag its overall earnings lower in its upcoming fiscal year.

On the losing end of Wall Street was Dollar Tree, even though the retailer likewise reported a better profit than analysts expected. A chunk of that performance came because of the timing of tariffs, which could drag down its results in the current quarter.

Analysts also said expectations were high for the value retailer coming into its report. Its stock fell 8.4%, slicing into its gain for the year that came into the day at a stellar 48.6%.

All told, the S&P 500 rose 32.72 points to 6,448.26. The Dow Jones Industrial Average fell 24.58 to 45,271.23, and the Nasdaq composite jumped 218.10 to 21,497.73.

In stock markets abroad, European indexes climbed following a weaker finish across much of Asia.

Japan’s Nikkei 225 fell 0.9% amid uncertainty about the political future of Japanese Prime Minister Shigeru Ishiba.

AP Business Writer Yuri Kageyama contributed.

FILE - A sign outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 3, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 3, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 3, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 3, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

CARY, N.C. (AP) — Clayton Kershaw isn't done pitching just yet, agreeing Thursday to join the U.S. team for this year's World Baseball Classic.

The three-time NL Cy Young Award winner wanted to pitch for the Americans in the 2023 tournament but was prevented because of insurance issues. He had a $20 million, one-year contract with the Los Angeles Dodgers at the time.

“I was too broken for the insurance to cover my arm and everything,” Kershaw said on MLB Network, “so now that it doesn't matter I get to go and be a part of this group.”

A left-hander who turns 38 two days after the March 17 championship game, Kershaw announced last September that he was retiring at the end of the season, his 18th in a stellar career for the Dodgers. He won his third World Series title and finished 223-96 with a 2.53 ERA and 3,052 strikeouts.

“I just want to be the insurance policy,” Kershaw said. “If anybody needs a breather or if they need me to pitch back-to-back-to-back or if they don’t need me to pitch at all, I’m just there to be there. I just want to be a part of this group.”

Later Thursday, new Chicago Cubs third baseman Alex Bregman announced he will join the U.S. team.

When Kershaw received a call from U.S. manager Mark DeRosa, he thought he was being invited as a coach.

“I didn't have a whole lot of interest in picking up a baseball again," Kershaw said. “I started throwing 10, 12 days ago and it doesn’t feel terrible, so I think I’ll be OK.”

Kershaw joins a U.S. pitching staff that includes right-handers David Bednar, Clay Holmes, Griffin Jax, Nolan McLean, Mason Miller, Joe Ryan, Paul Skenes and Logan Webb along with left-handers Tarik Skubal and Gabe Speier.

The American roster also includes catchers Cal Raleigh and Will Smith; infielders Ernie Clement, Gunnar Henderson, Brice Turang and Bobby Witt Jr.; outfielders Byron Buxton, Corbin Carroll, Pete Crow-Armstrong and Aaron Judge; and designated hitter Kyle Schwarber.

The U.S., which lost the 2023 championship game to Japan, opens March 6 against Brazil at Houston, part of a group that also includes Britain, Italy and Mexico.

Shohei Ohtani struck out then-Los Angeles Angels teammate Mike Trout to end Japan's 3-2 win in the 2023 championship. Kershaw doesn't anticipate facing Ohtani, his teammate for the Dodgers' World Series titles in 2024 and 2025.

“I think something will have gone terribly wrong if I have to pitch against team Japan in the finals or something. I think we got plenty of guys to get that guy out and not me,” Kershaw said. “But if that happens, I'll be nervous. I'll be nervous at this point.”

AP baseball: https://apnews.com/hub/MLB

FILE - Los Angeles Dodgers pitcher Clayton Kershaw celebrates the end of the top of the 12th inning against the Toronto Blue Jays in Game 3 of baseball's World Series, Monday, Oct. 27, 2025, in Los Angeles. (AP Photo/Brynn Anderson, File)