U.S. stocks started out July and the third quarter on a positive note, as the major market averages gained 0.5% to 0.8%. Financial and consumer names led the way higher, while energy stocks lagged as crude oil fell more than 4%. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note moved 6.9 basis points higher to 2.422%. The CBOE S&P 500 Volatility Index (VIX) also fell nearly 12%, to 16.09.
Teladoc (TDOC) was the big winner on Wednesday, gaining 50% in its first day of trading after an initial public offering. Elsewhere, Chubb (CB) gained 26% as rival Ace (ACE) offered to buy the property and casualty insurer for $28.3 billion of cash and stock. Ace shares also ticked higher on the session. Fitbit (FIT) also added nearly 11% to recent gains on heavy volume.
Looking ahead to Thursday morning, which is the final day of trading this week, we'll get the June jobs data before the opening bell. Economists are calling for the addition of 233,000 non-farm payrolls, 225,000 private jobs and the unemployment rate to tick down toward 5.4%.