U.S. stocks edged higher Wednesday, extending their fourth straight session of gains.
The S&P 500 rose 0.4 per cent. The tech-heavy Nasdaq Composite added 0.7%, while the Dow added 0.2%.
Stocks have rallied in recent sessions as bond yields have retreated, reversing a rapid rise in yields that had weighed on stocks. Top Fed officials have recently signaled that the central bank may not raise rates if long-term yields remain near high levels and inflation continues to cool.
The yield on the 10-year Treasury note has fallen in recent days after hitting its highest level since 2007 last week. The yield on the 10-year Treasury note fell to 4.596% Wednesday from 4.654% Tuesday.
Among stocks, Birkenstock (BIRK) fell in its first day of trading on the New York Stock Exchange on Wednesday, a discouraging sign for an IPO market that was just beginning to show signs of a rebound. The company's IPO price was set at $46 a share, and the stock opened at $41 and closed at $40.20.
U.s.-listed shares of Novo Nordisk (NVO) rose 6.3 percent after the Danish drugmaker said a trial showed its best-selling diabetes drug Ozempic could delay the progression of kidney disease. Eli Lilly &amp, which makes another weight-loss drug, Co., LLY) shares also rose 4.5%. Shares of kidney dialysis company DaVita Inc. (DVA) fell 17%.
U.s.-listed shares of LVMH Moet Hennessy Louis Vuitton, the world's largest luxury goods company, fell 2.5 percent after the company reported a sharp slowdown in sales growth as it struggled to attract big-spending Chinese consumers.
Exxon Mobil Corp. (XOM) fell 3.6% after agreeing to buy Pioneer Natural Resources Co. (PXD) for $60 billion.
In energy markets, Brent crude futures fell 2.1 per cent to $85.82 a barrel after initially rising on the outbreak of the Israel-Hamas war.