01:27 PM EDT, 08/06/2025 (MT Newswires) -- US equity indexes rose after midday Wednesday as investors focused on quarterly earnings while awaiting potential secondary tariffs on Russia in the absence of a peace deal related to the Ukraine war.

The Nasdaq Composite jumped 1% to 21,128.2, with the S&P 500 up 0.7% to 6,340.7 and the Dow Jones Industrial Average 0.2% higher at 44,199.4. Consumer discretionary, consumer staples, and technology led the gainers intraday. Healthcare was the standout decliner.

In company news, Arista Networks ( ANET ) reported an expected Q2 EPS and revenue beat, as its artificial intelligence-related revenue is starting to be recognized from cloud and enterprise sources, a Morgan Stanley note said Wednesday. Shares of Arista jumped 18% intraday, the top performer on the S&P 500.

Shopify ( SHOP ) reported strong Q2 results, with gross merchandise volume and revenue about 8% and 5% above consensus, Wedbush Securities said in a note. Shares of the company surged 20% intraday, the biggest gainer on the Nasdaq.

President Donald Trump will announce on Wednesday that Apple ( AAPL ) has committed to spending an additional $100 billion on US manufacturing, Bloomberg reported, citing a White House spokesperson. Shares of the company advanced 5.7% intraday, the leader on the Dow Jones Industrial Average.

Traders also await news on Trump's threats to impose "secondary tariffs" on Russian trading partners, most notably on India, which is the largest importer of Moscow's crude oil. Trump's self-imposed deadline for the announcement is Aug. 8.

"Market chatter is growing that China's purchases of Russian oil may come into focus next," ING commodity strategists said in a Reuters report Wednesday.

US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, fell by 3 million barrels in the week ended Aug. 1, following a 7.7-million-barrel gain in the previous week and compared with expectations for a steady print in a survey compiled by Bloomberg.

West Texas Intermediate crude oil futures fell 0.3% to $64.95 a barrel, giving up a gain of 1.2% earlier in the session.

Meanwhile, Fed Governor Lisa Cook and Boston Fed President Susan Collins are scheduled to speak at 2:00 pm ET, and San Francisco Federal Reserve President Mary Daly again at 4:10 pm ET. Investors are looking for clues about the path ahead for interest rates after the Federal Reserve voted to leave interest rates unchanged before the release of weak nonfarm payrolls.

Following downbeat jobs, the odds of a 25-basis-point rate cut in September have soared, according to the CME FedWatch tool. It stood at 93% by Wednesday afternoon, up from 47% a week ago.

US Treasury yields traded mixed, with the 10-year yield up 3.8 basis points to 4.23%. The yield on some government bond securities with a maturity of less than one year declined.

The CBOE Volatility Index, also known as the fear gauge in market parlance, slumped 5% to 16.95.

Silver futures climbed 0.2% to $37.91 per ounce. Gold futures were little changed at $3,434.7.