US stocks recovered some losses on Wednesday morning, coming off a steep sell-off fueled by worries about economic growth and the artificial intelligence trade amid a slide in Nvidia shares. The S&P 500 was up 0.3% while the tech-heavy Nasdaq Composite rose about 0.4%. Meanwhile, the Dow Jones Industrial Average added roughly 0.5%.
Stocks appeared to turn positive after fresh data showed further signs of the labor market cooling, prompting bond yields to fall and investors to ramp up their hopes for more extensive interest rate cuts in 2024. Data showed job openings fell to 7.67 million in July, the lowest level since January 2021.
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