Tech Stocks Surge Amid Favorable Antitrust Ruling for Alphabet

The S&P 500 and Nasdaq indices experienced gains following a positive antitrust ruling that favored Google's parent company, Alphabet. This decision resulted in a significant boost to Alphabet's shares, as investors also considered a softer July job openings report.

Alphabet's shares soared by 8.3% after a late Tuesday ruling by a Washington judge determined Google would not have to divest its Chrome browser. The decision also allowed Google to continue making profitable payments to Apple, which saw its shares grow by 8.4%. According to Sam Stovall, chief investment officer at CFRA Research, the ruling alleviates potential confusion, enabling investors to relax.

Meanwhile, the communication services index hit record highs, tech stocks edged up 0.6%, and the prospect of an interest-rate cut grew stronger with falling job openings. In contrast, energy stocks declined amid dropping oil prices, and Wall Street reflected mixed trends, with industrial stocks impacting the Dow.

(With inputs from agencies.)