Wall Street stocks rose and government bond yields are down following a recent climb. Here’s what we’re watching in Wednesday’s trading:

• The slight decline in bond yields could be helping the shares of some big tech companies, which tend to benefit from low yields. Apple , Alphabet and Tesla edged up in morning trading.
• Enphase Energy shares soared after the California solar energy company reported record revenue during the recent quarter. SolarEdge Technologies was also up.
• Peloton Interactive ticked lower in morning trading, but not enough to unravel Tuesday’s 25% jump. The connected-bike maker is replacing its chief executive and cutting 2,800 jobs after a slowdown in demand caused its value to plummet.
• Chipotle Mexican Grill ’s earnings beat analysts’ expectations and it said it would open more locations than it previously anticipated.

• Shares of Block , the payments company formerly known as Square, have recently been shaken since Apple said it would let merchants accept contactless payments using just their iPhones, raising fears that the move will threaten Block’s business. But a Barclays analyst wrote Tuesday that Apple’s offering seems “additive rather than competitive” since the company mentioned that it planned to work with existing payment platforms.
• Ride-hailing company Lyft gave a cautious outlook though its quarterly revenue was up 70%.
• CVS Health said it logged a bigger-than-expected fourth-quarter impairment charge tied to the company’s plan to shutter 900 stores over the next three years. The drugstore chain also posted higher revenue in the holiday quarter, lifted by the more than 20 million Covid-19 vaccines it administered in the period.
• Yum Brands reported a revenue beat, though the parent of KFC, Pizza Hut and Taco Bell missed forecasts on profit.
• XPO Logistics reported its fourth straight quarter of record revenue as high e-commerce demand increased reliance on the logistics sector.
• Valvoline said its fiscal first quarter saw strong top-line growth but a flat profit.
• Uber , Disney ,   Mattel ,   Manulife Financial ,   Zynga  and  Equifax  are among the companies reporting earnings after the close.

Chart of the Day

• Banks are unlikely to pay depositors more after the Federal Reserve first lifts rates because the lenders don’t need the money.

Write to James Willhite at james.willhite@wsj.com