Wall Street extends gains on Wednesday, as investors remain resilient in their risk appetite despite the looming announcement of sweeping trade tariffs by President Donald Trump.
The president is scheduled to speak at 4 p.m. ET on what he dubbed "Liberation Day," with expectations pointing to the imposition of tariffs around 20% on a broad range of goods.
The S&P 500 is up 0.8%, aiming for what could become its third consecutive positive session. The Nasdaq 100 is also rebounding strongly, rising 1.1%, while small-cap stocks outperform large caps, with the Russell 2000 climbing 1.5%.
Nearly all sectors are in the green, except defensive consumer staples. Consumer discretionary and tech lead the way in performance.
Treasury yields are on the rise, with the 30-year yield hitting 4.57%, up 5 basis points, dragging the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down by 0.7%.
The latest ADP Employment Report showed a stronger-than-expected pace of private payroll growth in March, reinforcing the resilience of the U.S. labor market despite the tariff-related uncertainties.
In corporate news, The New York Times reported that Amazon.com Inc. (NASDAQ:AMZN) submitted a last-ditch bid to acquire TikTok, the popular video app, as it nears an April deadline to separate from its Chinese owner or face a potential U.S. ban. Shares of the e-commerce giant rallied 2.4%.
The U.S. dollar index fell 0.3%, while gold and oil prices both gained 0.6%. Crypto sentiment remained positive, with Bitcoin (CRYPTO: BTC) surging 2.5% to trade above $87,000.
Wednesday’s Performance In Major U.S. Indices, ETFs
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Wednesday’s Stock Movers
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