U.S. stocks opened higher one day after the broad S&P 500 index turned positive for the year after tumbling in the aftermath of the April tariff roll-out.
The Dow Jones Industrial Average gained 0.2%, or 87 points, to trade near 42,227, while the S&P 500 was 14 points higher, near 5,901. The tech-heavy Nasdaq jumped 0.5%, or about 90 points, hitting 19,100 shortly after the opening bell.
Stocks got a boost earlier in the week after the U.S. and China announced a 90-day pause on some tariffs. Effective Wednesday, U.S. tariffs on Chinese goods drop to 30% from 145% and Chinese tariffs on U.S. goods fall to 10% from 125%. Lower tariffs reduce the chance the U.S. economy will fall into a recession, economists said.
The benchmark U.S. 10-year note was little changed near 4.495% on Wednesday morning.
Business news
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Tech stocks continued to rally after the Trump administration rolled back regulations on semiconductor exports. The Invesco PHLX Semiconductor ETF was nearly 1% higher at the open.
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Shares of crypto exchange Coinbase rose for a second day after it was announced that the stock would be included in the S&P 500.
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Super Micro Computer shares surged after announcing a deal with DataVolt, a Saudi Arabian data center company.
Economic news
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Oil prices declined after OPEC said it expected less demand for oil from the United States.
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Federal Reserve Vice Chair Philip Jefferson on Wednesday noted continued progress toward taming inflation, but reiterated that “there is much uncertainty” about the future path of price gains. Jefferson spoke at an event hosted by the New York Fed.
This article originally appeared on USA TODAY: Stock market starts Wednesday on the rise with tech taking lead
