Wednesday was one of those days where the market felt like it was having a bit of an identity crisis. Gold was ripping higher, the Dow was setting records, and a flood of earnings reports sent individual stocks in every direction imaginable. Let's break it down.
First, the shiny stuff. Gold jumped 4% to $4,233.89 an ounce, its biggest one-day gain since February. The trigger? A soft private payrolls report and easing energy costs, which together knocked down the odds of another Federal Reserve rate hike. When the market starts to think the Fed might be done (or at least pausing), gold tends to get a bid. Silver followed suit, rallying 3.9% to $61.85 an ounce, a six-week high, though it's still down 13.2% for 2026.
The economic data behind the gold move was pretty clear. ADP said private employers added just 44,000 jobs in July, the weakest in six months and well below the 70,000 consensus. Meanwhile, the ISM Services PMI came in at 54.1 versus 54.5 expected, and its employment sub-index slid back into contraction territory at 47.4. That's not exactly a picture of a red-hot labor market.
Equities were a mixed bag in midday trading. The S&P 500 hovered at 7,739, essentially unchanged and clinging to record territory. But the Dow Jones Industrial Average was the star, advancing 459 points, or 0.9%, to 54,545. That's a record close (or at least a record intraday level). Over the last five sessions, the Dow has gained 5.8%, its best five-day jump since April 2025. Since the start of the year, the blue-chip index is up 13.3%, slightly outperforming the S&P 500.
The Nasdaq 100, on the other hand, fell 0.4% to 29,627. The culprit? Megacap growth lagging, with Alphabet Inc. (GOOGL) the standout decliner. Shares sank 4.2% to $361.67 after reports that Google DeepMind CEO Demis Hassabis is stepping back into a chair role and chief scientist Jeff Dean is leaving after 27 years to launch his own AI startup. That's a big deal for a company that's been betting heavily on AI.
Treasurys were little changed. The 10-year yield hovered near 4.62%, holding a third-session retreat from Monday's 18-month high of 4.75%. The 2-year sat at 4.22% and the 30-year at 5.18%, leaving the curve sharply steeper than before the Fed's July hold. Markets now await Friday's nonfarm payrolls, where economists expect 80,000 jobs.
Wednesday's Performance In Major US Indices
According to market data:
- The Vanguard S&P 500 ETF (VOO) was flat at 0.0%.
- The SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.8%.
- The Invesco QQQ Trust (QQQ) slipped 0.3%.
- The iShares Russell 2000 ETF (IWM) fell 0.3%.
Miners Rally on Gold's Advance
If you were in precious metals equities, Wednesday was a party. The Materials Select Sector SPDR Fund (XLB) was the best performer among the sectors, up 1.2%, followed closely by the Health Care Select Sector SPDR Fund (XLV) at 1.1%. On the flip side, the Communication Services Select Sector SPDR Fund (XLC) was the clear laggard, down 1.6% on Alphabet's slide, with the Energy Select Sector SPDR Fund (XLE) off 1.4% and the Utilities Select Sector SPDR Fund (XLU) down 1.1%.
But the real story was in the miners. The VanEck Gold Miners ETF (GDX) soared 7.2%, its best session in weeks, while the SPDR S&P Metals & Mining ETF (XME) climbed 3.4%. Newmont Corp. (NEM) jumped 7.3% to $104.91 on the bullion move.
On the other side of the commodity complex, energy and clean energy took a hit. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) dropped 2.4% and the Invesco WilderHill Clean Energy ETF (PBW) fell 2.5%.
Earnings: The Good, The Bad, and The Ugly
It was a busy day for earnings, and the market was quick to reward or punish. Here's a rundown of some of the notable movers:
- Arista Networks Inc. (ANET) rose 4.1% to $198.31 after a revenue beat.
- Advanced Micro Devices Inc. (AMD) sank 5.8% to $488.63 despite doubling datacenter revenue. Sometimes the bar is just too high.
- Space Exploration Technologies Corp. (SPCX) gave back 8.7% to $114.48.
- Amgen Inc. (AMGN) gained 5.3%.
- Eli Lilly and Co. (LLY) rose 4.2% to $1,162.62 after beating revenue consensus and raising full-year guidance.
- Uber Technologies Inc. (UBER) dropped 7.2%.
- CDW Corp. (CDW) fell 10.9%.
- CVS Health Corp. (CVS) lost 5.4%.
- EOG Resources Inc. (EOG) slid 5.2%.
Leading the Russell 1000 gainers, Freshpet Inc. (FRPT) surged 14.0% after second-quarter sales rose 15.5% to $305.6 million and GAAP EPS of $0.39 came in 73.6% above consensus, with management raising 2026 guidance. Dynatrace Inc. (DT) climbed 12.4% on adjusted EPS of $0.48 versus $0.44 expected and revenue of $554.5 million versus $549.3 million, plus a fiscal 2027 EPS outlook of $1.97-$1.99 that tops the $1.95 consensus.
Charles River Laboratories International Inc. (CRL) rallied 11.8% after posting adjusted EPS of $3.02 against a $2.74 estimate, revenue of $1.00 billion versus $976 million expected, and lifting full-year adjusted EPS guidance to $11.15-$11.45 on improving Discovery and Safety Assessment demand. Aura Minerals Inc. (AUGO) gained 11.7%, tracking the sector-wide bid for gold and copper producers. Primo Brands Corp. (PRMB) rose 10.8% after adjusted EPS of $0.37 beat the $0.30 consensus on revenue of $1.79 billion, and the company raised its full-year organic net sales growth outlook to 1%-3%.
On the downside, Insulet Corp. (PODD) cratered 20.2% despite EPS of $1.66 topping the $1.48 estimate, after revenue of $801.7 million narrowly missed and the company cut full-year revenue growth guidance to 20%-22% from 21%-23%, citing challenges scaling in type 2 diabetes. DaVita Inc. (DVA) tumbled 18.0% as full-year EPS guidance of $14.10-$15.20 straddled the $14.85 consensus, U.S. treatment volumes fell 1.1% year-over-year and a cybersecurity incident cost $13 million, overshadowing an EPS beat of $4.02 versus $3.92.
Medline Inc. (MDLN) slumped 17.0% after cutting its adjusted EBITDA outlook to $3.3 billion-$3.4 billion from $3.5 billion-$3.6 billion on Middle East-driven inflation, with net income down 58.3% to $139 million even as sales rose 11.6% to $7.7 billion. Regal Rexnord Corp. (RRX) fell 15.8% on revenue of $1.56 billion that missed estimates, though non-GAAP EPS of $2.99 beat by 15.7% and management reiterated $10.60 in full-year adjusted EPS at the midpoint.
The New York Times Co. (NYT) dropped 15.2% after adding roughly 280,000 net digital subscribers against a 295,300 estimate and guiding third-quarter subscription revenue growth to 9%-11%, below the 11.2% posted in the second quarter, with free cash flow margin collapsing to 1.3% from 15.1%.
Wednesday's Russell 1000 Top Gainers
Wednesday's Russell 1000 Top Losers
So, what's the takeaway? The market is clearly in a mood where data matters, but earnings matter more. Gold's surge suggests investors are hedging against uncertainty, while the Dow's record run shows that cyclical value is still finding buyers. Friday's jobs report will be the next big test. If it comes in weak like the ADP number, we could see more gold buying and maybe even a pause in the Fed's hiking cycle. If it's strong, all bets are off.
Either way, it's a good reminder that the market is never boring. Just ask anyone holding Insulet today.
