Shares rose on Wednesday, with every of the three main indexes climbing as tech shares shook off some latest losses.

[Click here to read what’s moving markets heading into Thursday, Feb. 25]

The Dow added about 1.4%, or 425 factors, led by a bounce in shares of Boeing. The S&P 500 gained 1.1%, whereas the Nasdaq gained slightly below 1%.

A rotation into cyclical and worth shares and away from a few of the excessive progress names that led markets increased final yr has picked up steam over the previous week. The power, financials, supplies and industrial sectors have outperformed strongly over the past 5 buying and selling days, whereas the data expertise and client discretionary sectors lagged.

“This month has really [been] the biggest outperformance of worth versus progress within the final 20 years,” Sam Hendel, Levin Easterly Companions, told Yahoo Finance. “We’re type of seeing a very nice candy spot for worth shares that we expect have been left behind … Development’s had this large run, and charges are so low that there aren’t that many locations to search out yield. So we nonetheless suppose worth has quite a lot of legs.”

On the similar time, considerations over inflation and rising Treasury yields have additionally weighed on shares throughout the board this week, with increased costs and elevated borrowing prices for corporations seen as an rising risk. The benchmark 10-year Treasury yield briefly rose above 1.4% Wednesday morning, persevering with its march increased.

Federal Reserve Chair Jerome Powell, nonetheless, tried to assuage market contributors’ fears throughout his semiannual financial coverage testimony earlier than Congress on Tuesday and Wednesday, saying that Treasury yields’ march increased was “an announcement of confidence on the a part of markets that we’ll have a sturdy and finally full restoration” and reaffirming that he believed any inflation within the coming months will show transitory.

“I believe there was a little bit of a scare in markets final week as a result of we had been beginning to see extra of the transfer coming in actual yields, and if that had been to go too far then I believe it may probably trigger some points for threat property,” UBS economist Seth Carpenter advised Yahoo Finance. “And I believe the true concern is that if it goes to this point that it begins to impair the restoration, then it turns into an issue. To this point I believe we’re in good condition, nevertheless it’s one thing completely to look at.”

Story continues

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4:03 p.m. ET: Dow provides 425 factors, or 1.4%, to succeed in a document excessive as tech shares rebound

Right here had been the primary strikes in markets as of 4:03 p.m. ET:

• S&P 500 (^GSPC): +44.03 (+1.13%) to three,925.40

• Dow (^DJI): +424.78 (+1.35%) to 31,962.13

• Nasdaq (^IXIC): +132.77 (+0.99%) to 13,597.97

• Crude (CL=F): +$1.56 (+2.53%) to $63.23 a barrel

• Gold (GC=F): -$5.50 (-0.30%) to $1,800.40 per ounce

• 10-year Treasury (^TNX): +2.7 bps to yield 1.3890%

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11:08 a.m. ET: S&P 500, Dow flip optimistic whereas Nasdaq holds decrease

Here is the place markets had been buying and selling Wednesday mid-morning:

• S&P 500 (^GSPC): +12.12 (+0.31%) to three,893.49

• Dow (^DJI): +174.95 (+0.55%) to 31,712.30

• Nasdaq (^IXIC): -15.14 (-0.11%) to 13,450.06

• Crude (CL=F): +$1.44 (+2.34%) to $63.11 a barrel

• Gold (GC=F): -$14.00 (-0.78%) to $1,791.90 per ounce

• 10-year Treasury (^TNX): +3 bps to yield 1.39%

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10:05 a.m. ET: New house gross sales rise greater than anticipated in January as housing market surge extends additional

U.S. new house gross sales jumped by 4.3% in January over December, the Commerce Division reported Wednesday morning, far exceeding expectations as a bounce in housing market exercise final yr prolonged into the start of the brand new yr. December’s month-over-month enhance was additionally sharply upwardly revised to five.5%, from the 1.6% rise beforehand reported.

The January bounce introduced new house gross sales to a seasonally adjusted annual charge of 923,000, the best stage since October. The rise was led by a 12.6% bounce in gross sales within the Midwest, adopted by a large margin by a 6.8% rise in gross sales within the West. Solely the Northeast noticed a drop of latest house gross sales through the month, posting a decline of 13.9%.

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9:31 a.m. ET: Shares open decrease

Here is the place markets had been buying and selling after the opening bell:

• S&P 500 (^GSPC): -7.58 (-0.2%) to three,875.68

• Dow (^DJI): -17.17 (-0.05%) to 31,520.18

• Nasdaq (^IXIC): -70.19 (-0.52%) to 13,404.60

• Crude (CL=F): +$0.79 (+1.28%) to $62.46 a barrel

• Gold (GC=F): -$17.00 (-0.94%) to $1,788.90 per ounce

• 10-year Treasury (^TNX): +6.6 bps to yield 1.43%

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9:02 a.m. ET: FDA employees deem Johnson & Johnson’s single-shot COVID-19 vaccine secure and efficient, paving the best way for formal authorization

U.S. Meals and Drug Administration employees mentioned in new paperwork launched Wednesday that Johnson & Johnson’s (JNJ) single-shot COVID-19 vaccine appeared secure and efficient in trials, reaffirming knowledge the corporate introduced late final month. The drugmaker had mentioned on the time that its vaccine was 66% efficient in defending in opposition to COVID-19 and quite a few variants, based mostly on a examine involving almost 44,000 folks globally. Within the U.S., efficacy in opposition to COVID-19 was discovered to be 72%.

The brand new paperwork present encouraging indicators {that a} third COVID-19 vaccine within the U.S. could quickly be authorised. The FDA’s advisory panel is ready to fulfill February 26, quickly after which a definitive authorization may very well be granted to the vaccine.

Shares of Johnson & Johnson, a Dow element, rose 1.2% in early buying and selling following the information.

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7:29 a.m. ET: Lowe’s shares bounce 2% in early buying and selling after 4Q outcomes prime estimates amid still-strong house enchancment demand

Shares of Lowe’s (LOW) rose greater than 2% Wednesday morning after posting fourth-quarter outcomes that handily exceeding expectations, posting greater than $20 billion in quarterly income as client flocked to the retailer for house enchancment tasks whereas sheltering in place.

Adjusted earnings of $1.33 per share on web gross sales of $20.31 billion had been simply above estimates for $1.21 per share on gross sales of $19.41 billion. Comparable same-store gross sales, a carefully watched metric for retailers, rocketed increased by 28.6%, accelerating sharply over final yr’s 2.6% progress charge. Lowe’s outpaced bigger rival Dwelling Depot on U.S. comparable gross sales progress, with Dwelling Depot’s comps rising 25% through the fourth quarter.

Lowe’s additionally declined to supply particular steering for this yr, however mentioned it noticed “continued gross sales momentum” in February.

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7:17 a.m. ET Wednesday: Shares level to a barely increased open

Here is the place markets had been buying and selling Wednesday morning earlier than the opening bell:

• S&P 500 (^GSPC): +6.25 (+0.16%) to three,884.25

• Dow (^DJI): +34.00 (+0.11%) to 31,526.00

• Nasdaq (^IXIC): +13 (+0.1%) to 13,205.00

• Crude (CL=F): +$1.09 (+0.67%) to $62.34 a barrel

• Gold (GC=F): +$2.30 (+0.13%) to $1,808.20 per ounce

• 10-year Treasury (^TNX): +0.3 bps to yield 1.367%

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6:01 p.m. ET Tuesday: Shares open flat after uneven session

Here is the place markets had been buying and selling because the in a single day session started:

• S&P 500 futures (ES=F): 3,878.50, up 0.5 factors or 0.01%

• Dow futures (YM=F): 31,497.00, up 5 factors or 0.02%

• Nasdaq futures (NQ=F): 13,183.75, down 8.25 factors or 0.06%

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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