S&P 500 and Nasdaq close at record highs

All three of the major indexes (^DJI,^GSPC, ^IXIC) ended the day higher on Wednesday, with the S&P 500 and Nasdaq closing at record highs, after a weaker-than-expected ADP employment report fueled Fed rate cut hopes. One of the biggest movers of the day was Nvidia (NVDA), which closed 5% higher. The AI tech giant's market cap surpassed $3 trillion for the first time.

Yahoo Finance's Julie Hyman and Jared Blikre recap Wednesday's market action.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Stephanie Mikulich.

Video transcript

Let's start with the major averages.

And even there, there was some excitement today.

The dow uh not so much there.

We saw a gain of about a quarter percent for the dow about 96 points.

But the S and P 500 closing at a new record high.

This is the 25th record close for the S and P 500 this year.

Up about 1.2% on the day, the NASA gaining even more by 2%.

And it too is closing at a record today.

And it's been an interesting day today because, you know, yesterday, we got that manufacturing data that came in worse than estimated you saw yields fall, but it did not give a big boost to stocks.

Today.

You got the services side that beat estimates, prices paid came in lower than estimates yields still fell.

But today stocks went up.

Yes.

And when you look at the sector action, it's all about the tech sector.

You got XL K of 2.22% in the upper left, then XL C, that's communication services up over 1%.

Those were the only two out performers utility staple.

And real estate rounding at the bottom.

And I'm gonna show a picture of the NASDAQ 100.

Look at all that green there.

I do wanna just rattle off some of the all time highs with, got here.

We got Walmart Royal Caribbean, Costco.

Most of these not in the NASDAQ, by the way.

Uh mckesson, we also have Regener on T Mobile and NVIDIA.

So we do and micro.

So we do have some staples in there and I'll just show a picture of NVIDIA real quickly here.

Up another 5% 1224 getting to that new Street High Target we were just talking about.