Stocks Rebound, Eli Lilly Jumps To 14-Month Highs: What’s Moving Markets Wednesday?
Wall Street bounced back Wednesday after Tuesday’s sharp selloff in AI-driven stocks, as investors bought the dip amid solid corporate earnings and growing signs that the Federal Reserve may be nearing another interest rate cut.
The ADP National Employment Report — the key labor gauge in the absence of official government data during the ongoing shutdown — showed that private employers added 42,000 jobs in October, rebounding from the 32,000 jobs lost in September and beating economists’ expectations for a 25,000 gain.
While the uptick signals some resilience, the pace of hiring remains far below robust levels, underscoring continued cooling in the labor market and reinforcing market bets on a Fed rate cut in December.
By midday in New York, the S&P 500 was up 0.9%, the Nasdaq 100 rose 1.1% after Tuesday’s 2.2% drop, and small caps led the charge with the Russell 2000 gaining 1.7%.
Among mega-cap movers, Eli Lilly and Co. (NYSE:LLY) extended its post-earnings rally into a fifth straight session, with shares reaching their highest levels since September 2024.
In the tech sector, Advanced Micro Devices Inc. (NASDAQ:AMD) impressed investors with stronger-than-expected results, sending its shares up 2.5% and easing fears of a “sell-the-news” reaction that hit Palantir Technologies Inc. (NASDAQ:PLTR) a day earlier.
Crypto markets also rebounded after two days of steep losses that pushed Bitcoin (CRYPTO: BTC) below $100,000. The largest digital currency rallied 2.5% to trade near $104,000, while Ethereum (CRYPTO:
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