U.S. stocks steadied Wednesday morning as the S&P 500 and Dow Jones Industrial Average attempted to recover from Tuesday’s selloff, while the Nasdaq Composite remained slightly lower under pressure from elevated Treasury yields. Around 10 a.m. Eastern time, the S&P 500 was up about 0.1%, the Dow had gained roughly 189 points, or 0.4%, and the Nasdaq was down about 0.1%. Investors were balancing softer private-sector hiring and strong artificial intelligence demand against renewed U.S.-Iran fighting, higher oil prices and a 10-year Treasury yield near 4.8%. Tuesday’s declines pushed the Dow below its 50-day moving average for the first time since April, creating a technical test for Wednesday’s rebound. September has historically been the weakest month for major U.S. equity indexes, and the S&P 500 has averaged a decline of about 0.7% during September over the past decade. Valuations also remain sensitive to higher yields: FactSet reported a forward 12-month S&P 500 price-to-earnings ratio of 19.6, compared with five-year and 10-year averages of 19.9 and 19.0, respectively. ADP reported that private employers added only 38,000 jobs in August, below the 48,000 economist forecast and July’s upwardly revised 46,000. Dell Technologies raised its annual revenue forecast to $192 billion, citing demand for AI-optimized servers, and said it had received more than $130 billion in AI server orders over the past year. Broadcom’s earnings after Wednesday’s closing bell will provide another test of AI demand. The early rebound shows buyers have not abandoned the rally, but Wall Street still faces hurdles before the pullback can be considered over.