US Stocks Rise on Alphabet Ruling and Soft Jobs Data

The S&P 500 and Nasdaq gained after Alphabet's antitrust ruling and soft jobs data. Communication Services sector helped lift gains. HSBC raised its S&P 500 year-end target on earnings strength and modest tariff impact. Stocks mostly up pre-bell, with President Trump seeking an immediate Supreme Court hearing on tariffs.

The S&P 500 and Nasdaq gained on Wednesday following a favorable antitrust ruling for Alphabet and softer-than-expected job openings data for July. The ruling by a Washington judge allowed Alphabet to keep its Chrome browser and continue making payments to Apple, which boosted tech stocks. Meanwhile, the communication services index hit a record high, and the tech sector gained 0.6%. Strengthening bets of an imminent interest-rate cut were bolstered by the Labor Department report, which showed job openings fell to 7.181 million in July, compared to estimates of 7.37 million. Energy stocks fell 2%, while passenger airlines rose 1.7% due to lower oil prices. The Dow Jones Industrial Average closed slightly lower, while the S&P 500 and Nasdaq posted gains. HSBC raised its 2025 year-end target for the S&P 500 to 6,500 from 6,400, citing earnings strength and a modest tariff impact. U.S. equity futures were mostly trending higher on Wednesday, with Alphabet leading pre-market gains. President Donald Trump reportedly seeks an immediate hearing with the Supreme Court on his reciprocal tariffs.

References:
[1] https://www.marketscreener.com/news/s-p-500-and-nasdaq-gain-after-alphabet-antitrust-ruling-soft-jobs-data-ce7d59dbdb89f125
[2] https://finance.yahoo.com/news/stocks-mostly-pre-bell-president-115431860.html
[3] https://investorshub.advfn.com/market-news/article/15639/dow-jones-sp-nasdaq-futures-alphabet-leads-pre-market-gains-as-wall-street-eyes-rebound