12:54 PM EDT, 08/07/2024 (MT Newswires) -- US equity indexes extended gains, led by energy and utilities, and government bond yields rose after midday on Wednesday.

The Nasdaq Composite climbed 1.1% to 16,540.2, with the S&P 500 up 0.9% to 5,288.5 and the Dow Jones Industrial Average 0.6% higher at 39,225.9, continuing the march higher after the sharp sell-off on Monday. All sectors, except health care, rose intraday.

The CBOE's Volatility Index (VIX), known as the fear gauge, sank 12.3% to 24.4, after surpassing 50 earlier in the week amid concern the US economy has entered a steep slowdown.

Those concerns, sparked mainly by a substantial miss in July nonfarm payrolls, have dissipated, as reflected in the drop in the probability of a 50 basis point cut in interest rates to 64% by Wednesday afternoon from over 90% on Monday. Most Treasury yields jumped intraday, with the 10-year up 5.1 basis points to 3.94% and the two-year rate 3.9 basis points higher at 4.02% as risk-off sentiment continued to recede.

In company news, Fortinet ( FTNT ) reported Q2 adjusted earnings and sales late Tuesday above market expectations and boosted its full-year 2024 guidance. Shares soared nearly 27% intraday, the top gainer on the S&P 500 and the Nasdaq.

Super Micro Computer ( SMCI ) shares slumped 16.8%, the worst performer on the S&P 500 and the Nasdaq after the company reported fiscal Q4 adjusted profit that trailed analysts' projections.

West Texas Intermediate crude oil soared 3.1% to $75.44 a barrel.