U.S. stocks steadied Wednesday morning after Tuesday’s selloff, with the S&P 500 up about 0.1% and the Dow Jones Industrial Average gaining roughly 189 points, or 0.4%, around 10 a.m. Eastern time. The Nasdaq Composite slipped about 0.1% as elevated Treasury yields continued to weigh on technology shares. Markets are balancing weaker private-sector hiring and resilient artificial intelligence demand against renewed U.S.-Iran fighting, higher oil prices and a 10-year Treasury yield near 4.8%. Tuesday’s decline took the Dow below its 50-day moving average (a short-term trend gauge) for the first time since April, creating a technical test for Wednesday’s recovery. September has historically been the weakest month for major U.S. equity indexes, while the S&P 500 has averaged a 0.7% decline during September over the past decade. FactSet reported a forward 12-month S&P 500 price-to-earnings ratio of 19.6, below the five-year average of 19.9 but above the 10-year average of 19.0. The 10-year Treasury yield reached its highest level since January 2025, and a move toward 5% could further pressure equity valuations. ADP reported that private employers added 38,000 jobs in August, below the 48,000 economist forecast and July’s upwardly revised 46,000. Investors will look to Friday’s government employment report for more insight into the labor market and Federal Reserve outlook. Dell Technologies raised its annual revenue forecast to $192 billion after receiving more than $130 billion in AI server orders over the past year, while Broadcom was scheduled to report earnings after Wednesday’s close. The early rebound indicates that buyers have not abandoned the rally, but the Dow’s 50-day average, Treasury yields and difficult seasonal backdrop remain hurdles before the pullback can be considered over.