04:55 PM EDT, 08/06/2025 (MT Newswires) -- US equities advanced Wednesday, with a rally in Apple ( AAPL ) shares providing a boost to Wall Street.

The Nasdaq Composite closed 1.2% higher at 21,169.4, while the S&P 500 rose 0.7% to 6,345.1. The Dow Jones Industrial Average advanced 0.2% to 44,193.1. Among sectors, consumer discretionary led the gainers, while health care saw the biggest drop.

In company news, Apple ( AAPL ) was the top performer on the Dow and among the best on the S&P 500, up 5.1%. The iPhone maker was scheduled to announce a new $100 billion investment commitment in the US on Wednesday, CNBC reported, citing a White House official.

With the new pledge, the technology giant's total investment in the US would amount to $600 billion over the next four years, according to the report.

Arista Networks ( ANET ) shares were up nearly 18%, the top gainer on the S&P 500. The company late Tuesday issued an upbeat third-quarter revenue outlook following higher-than-projected second-quarter results.

Super Micro Computer ( SMCI ) shares sank 18%, the steepest decline on the S&P 500. The artificial intelligence server maker late Tuesday reported fiscal fourth-quarter results that missed the Street's views.

Snap (SNAP) shares slumped 17%. The social media company late Tuesday logged a second-quarter loss that unexpectedly widened amid higher operating expenses, while issues tied to a planned update to its advertising platform weighed on overall revenue growth.

US Treasury yields were higher intraday, with the 10-year rate increasing 4.9 basis points to 4.24% and the two-year rate adding one basis point to 3.72%.

US President Donald Trump has signed an executive order imposing an additional 25% tariff on imports from India in response to the Asian country's continued purchasing of sanctioned Russian oil, the White House said Wednesday.

In response, India said that the decision by the US to double the tariffs on Indian imports to 50% was "unfair, unjustified, and unreasonable," news outlets reported.

On Tuesday, Trump told CNBC in an interview that he will announce new tariffs on semiconductors and chips as soon as next week. Trump also said his administration was getting "very close to a deal" with China.

In economic news, mortgage applications in the US rebounded last week as the 30-year fixed rate on conforming loans dropped for a third consecutive week, the Mortgage Bankers Association said.

"Mortgage rates moved lower last week, following declining Treasury yields as economic data releases signaled a weakening US economy," said Joel Kan, the association's deputy chief economist. "Borrowers sought to take advantage of these lower rates, as both purchase and refinance applications increased over the week."

West Texas Intermediate crude oil fell 1.8% to $64.01 a barrel in Wednesday late-afternoon trade.

Commercial crude stockpiles in the US unexpectedly fell last week as motor gasoline and distillate fuel inventories shrank, government data showed.

Over the weekend, eight members of the Organization of the Petroleum Exporting Countries and its allies -- collectively known as the OPEC+ -- agreed to increase oil production by 547,000 barrels a day next month.

"The global crude oil market continues to navigate a complex web of supply pressures and geopolitical crosswinds, with prices holding up surprisingly well despite expectations of an emerging supply glut once the peak summer demand season comes to an end, driven by rising OPEC+ output and fading global demand growth amid tariff-related demand concerns," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report published Wednesday.

Gold was little changed at $3,433.90 per troy ounce, while silver rose 0.3% to $37.94 per ounce.