Alibaba, Exxon Mobil lead market cap stock movers on Wednesday

Tech stocks rose Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) adding 0.2%.

The Philadelphia Semiconductor index rose 0.7%.

In sector news, the US Commerce Department is considering revamping a program aimed at expanding US internet access with new rules that would make it easier for Trump administration political ally Elon Musk's Starlink satellite broadband service to cash in, The Wall Street Journal reported.

In corporate news, CrowdStrike shares dropped 7.1%, a day after the company's fiscal Q1 and full-year earnings guidance trailed analyst estimates.

Microsoft's partnership with OpenAI does not qualify for investigation under UK merger rules, the country's Competition and Markets Authority said. Microsoft shares rose 1.6%.

Alphabet's Google has called on the US Department of Justice to keep the company intact as officials consider breaking up the search engine giant to resolve two anti-monopoly cases, media outlets reported. Alphabet shares added 0.8%.

Consumer stocks were rising Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.5%.

In sector news, the Trump Administration is considering suspending its 25% tariffs on the automotive sector following pressure from auto manufacturers, Bloomberg reported.

In corporate news, Thor Industries shares fell nearly 16%. The company swung to an unexpected fiscal Q2 loss amid a challenging market environment, while the recreational vehicle maker lowered its full-year earnings outlook.

Campbell's shares dropped 2.3%. The company on Wednesday reported fiscal Q2 revenue that fell short of analysts' expectations, and it cut its 2025 outlook.

Brown-Forman's fiscal Q3 earnings topped market estimates but revenue unexpectedly declined year over year, while the wine and spirits maker reiterated its full-year outlook. Its shares jumped past 9%.

US equity indexes rose in choppy midday trading Wednesday amid speculation President Donald Trump could reach a tariff deal with Canada and Mexico and as investors weighed divergent economic data.

The Nasdaq Composite climbed 0.6% to 18,392.2, with the S&P 500 up 0.4% to 5,799.7 and the Dow Jones Industrial Average 0.4% higher at 42,682.3. The trio traded mixed-to-negative earlier in the session. Energy and utilities were the sole decliners intraday, while the materials sector led the gainers intraday.

Commerce Secretary Howard Lutnick reportedly said Tuesday that President Donald Trump will "probably" unveil agreements with Canada and Mexico as early as Wednesday on import duties that came into effect on Tuesday. All three equity indexes have fallen so far this week as investors assessed the impact of import duties on the US economy.

The CBOE's volatility index VIX, known also as the fear gauge, fell 2.6% to 22.91 after trading almost 3% higher pre-bell.

In economic news, ADP's monthly measure of private payrolls showed an increase of 77,000 jobs in February, below the 140,000 jump expected in a Bloomberg-compiled survey. January was revised upward to 186,000.

Meanwhile, the Institute for Supply Management's US services index rose to 53.5 in February from 52.8 in January, compared with expectations of 52.5 in a poll Bloomberg compiled. The S&P Global US services index was revised upwards to 51 from the 49.7 flash reading for February, versus expectations for no revision in a separate survey compiled by the news agency.

In economic news, new orders for US factory goods rose 1.7% in January, as expected in a Bloomberg-compiled survey, compared with a 0.6% decrease in December. Excluding a 9.9% jump in transportation orders, new orders would have been up 0.2% versus a 0.3% gain in the previous month.

Most US Treasury yields rose intraday, with the 10-year up 6.1 basis points to 4.27% and the 2-year 1.7 basis points higher at 3.97%.

In company news, CrowdStrike issued fiscal Q1 and full-year earnings guidance late Tuesday that trailed market estimates. Its shares slumped 7.4% intraday, the worst performer on the S&P 500 and the Nasdaq.

Celanese (CE) said Wednesday its US unit launched offers to buy for cash up to 500 million euros ($535.2 million) of its 4.777% senior notes due 2026 and $250 million of its 6.415% senior notes due 2027. Shares jumped 8.9%, among the top gainers on the S&P 500.

The US Treasury Department ordered Chevron (CVX) to wind down operations in Venezuela within a month. Shares of the oil and gas exploration group dropped 2.1% intraday, the biggest laggard on the Dow.

West Texas Intermediate crude oil futures sank 3.2% to $66.04 a barrel.

US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, rose by 3.6 million barrels in the week ended Feb. 28, following a 2.3 million barrel drop in the previous week and an 800,000-barrel increase anticipated in a poll compiled by Bloomberg.

Gold futures rose 0.2% to $2,926.33, and their silver counterparts jumped 2.3% to $33.12.

(18:38 GMT) CrowdStrike Holdings Price Target Cut to $425.00/Share From $450.00 by Jefferies