Stock market today: Nasdaq, S&P 500 futures rise after Google is spared in antitrust ruling, with jobs data on deck

US stock futures mostly gained on Wednesday after Google (GOOG, GOOGL) was spared the worst in an antitrust ruling, as Wall Street waited for jobs market data amid a continued sell-off in bonds.

Futures on the tech-heavy Nasdaq 100 (NQ=F) rose 0.7%, while those on the S&P 500 (ES=F) moved up roughly 0.5%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech stocks, held near the flat line on the heels of a downbeat day for stocks.

CME - Delayed Quote•USD

(NQ=F)

Follow View Quote Details

23,434.00

+159.00

+(0.68%)

As of 6:43:10 AM EDT. Market Open. NQ=FES=F YM=F

Advanced Chart

Tech hopes are buoying markets after a judge's decision not to force Google (GOOG) to sell its Chrome browser to loosen its dominance in search. The ruling late Tuesday also allowed the Alphabet-owned company to continue paying Apple (AAPL) to use Google Search as default in Safari and Siri.

The outcome to the landmark antitrust case fell far short of Wall Street's worst fears, lifting a regulatory risk that had hung over Google's stock. The tech giant's shares rallied in premarket, as did Apple's, and faith in the staying power of the Big Tech rally got a boost as the ruling was welcomed as a big win.

But the Dow is lagging as a sell-off in bonds continues to pile on pressure. The 30-year Treasury yield (^TYX) rose to within a hair's-breadth of reaching the key 5% level, seen as a headwind for stocks. Meanwhile, the benchmark 10-year Treasury yield (^TNX) traded above 4.29%, amid uncertainty around President Trump's trade policy and the Federal Reserve.

On Wednesday, investors get the release of the JOLTS job openings report at 10 a.m. ET. July's jobs report showed cracks appearing in the labor market, and further signs of stress could convince the Fed to make a deeper cut in interest rates than currently expected at its September meeting. The crucial August jobs report is set to land Friday.

In corporate earnings, Macy's (M), Salesforce (CRM), and Dollar Tree (DLTR) report results on Wednesday.LIVE6 updates

51 mins ago

Jenny McCall

Good morning. Here's what's happening today.

Economic data: MBA mortgage applications (week ending Aug. 29); JOLTS job openings; Factory orders (July); Wards total vehicle sales (August); Federal Reserve releases Beige Book

Earnings calendar: Salesforce (CRM), Figma (FIG), Hewlett Packard Enterprise Company (HPE), Dollar Tree (DLTR), The Campbell's Company (CPB), Macy's (M), C3.ai (AI), American Eagle Outfitters (AEO)

Here are some of the biggest stories you may have missed overnight and early this morning:

Google soars after judge says it doesn't have to sell Chrome

Trump accuses Xi of 'conspiring against US' with Putin, Kim

Trump pushes for Supreme Court 'emergency' hearing on tariffs today

Bond sell-off deepens with longer debt leading losses

Yahoo Finance columnist Rick Newman: Trump says a depression is coming. Here's the real risk.

Cook blasts Trump's 'cut-and-paste' mortgage fraud claims

'Almost certain' shutdown looms as Congress goes back to work

US holiday spending set for steepest drop since pandemic

Gold extends gains to fresh record on rate-cut bets, debt fears Today at 9:41 AM UTC

Brian Sozzi

Important point on Google post-Chrome ruling

I think this is an important point on Google's (GOOG) stock this morning from the KBW team, after the positive Chrome ruling:

NasdaqGS - Delayed Quote•USD

(GOOG)

Follow View Quote Details

211.99

-1.54

(-0.72%)

At close: September 2 at 4:00:02 PM EDT GOOG^GSPC

Advanced Chart Today at 9:35 AM UTC

Google stock surges as investors cheer antitrust ruling

Shares in Google parent Alphabet (GOOG, GOOGL) jumped almost 6% in premarket trading after a judge ruled it doesn't have to sell Chrome as an antitrust remedy.

NasdaqGS - Delayed Quote•USD

(GOOG)

Follow View Quote Details

211.99

-1.54

(-0.72%)

At close: September 2 at 4:00:02 PM EDT Advanced Chart

Judge Amit Mehta also allowed Google to keep control of the Android mobile operating system. But in a setback, the tech giant will have to end billion-dollar contracts that fueled its search market dominance.

The DOJ had argued that Google should divest Chrome and Android after a judgement last year that it held an illegal monopoly in search. However, Judge Mehta noted that AI bots now threaten its dominance, and that fed into his ruling.

At the same time, he stopped short of putting an end to Google's distribution search deal with Apple (AAPL). Its payments for making Google Search a default in Safari and Siri have added up to $20 billion per year in revenue for the iPhone maker, whose shares rose almost 3% in premarket.

NasdaqGS - Delayed Quote•USD

(AAPL)

Follow View Quote Details

229.72

-2.42

(-1.04%)

At close: September 2 at 4:00:01 PM EDT Advanced Chart

Reuters reports:

Read more here. Today at 9:10 AM UTC

Karen Friar

Bond sell-off deepens with longer debt leading losses

Global bonds are selling off as worries around inflation, debt sales, and fiscal disarray undermine faith in what are usually seen as the safest of assets.

Treasury yields rose on Wednesday, with benchmark 30-year yields (^TYX) within a whisker of the closely watched 5% level.

Meanwhille, UK 30-year bond yields rose to 5.75%, having already hit their highest level since 1998. In Japan, yields on 20-year notes jumped to their highest in over 25 years.

Bloomberg reports:

Read more here. Today at 5:37 AM UTC

Rian Howlett

Vietnam rally leads to foreign investment withdrawing record funds

Bloomberg reports:

Read more here. Today at 2:14 AM UTC

Rian Howlett

Gold maintains rise to reach new all-time high

Bloomberg reports:

Read more here.

View comments