The stock market got back to its record-setting ways on Wednesday as a rebound in some key tech stocks helped lift the S&P 500 and Nasdaq Composite to fresh highs ahead of a major employment report.
The S&P 500 rose 0.5%. The Nasdaq Composite gained 0.9%. Both indexes marked their third record closes in the past week. The Dow Jones Industrial Average fell 11 points, or less than 0.1%.
Riskier stocks—including key AI plays—as well as small-caps and growth stocks were among the day’s top performers as traders looked to position ahead of Thursday’s jobs report.
The yield on the 2-year Treasury note rose to 3.79%, while the 10-year yield rose to 4.29%.
Economists predict the U.S. economy added 115,000 nonfarm jobs in June, according to FactSet.
“Employment is key,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “A weak number will make July a live meeting… A strong number will send rates back into the range.”
Stocks overcame some early struggles after ADP said its tally on private payrolls declined unexpectedly in June. But given the ADP report’s tendency to differ from monthly jobs reports from the Labor Department, Wall Street didn’t put too much stock in the latest downcast numbers.
Wall Street is also paying close attention to progress in Congress for President Donald Trump’s tax bill, as well as updates on tariffs. The president announced a trade deal with Vietnam that will impose 20% tariffs on Vietnamese goods imported into the U.S., while reducing barriers on American goods sold in Vietnam.
Thursday’s session will be action-packed because of the jobs report, but traders will have a chance to get out of town early ahead of the holiday because U.S. equity exchanges will close at 1 p.m. ET tomorrow. The bond market will close at 2 p.m. ET.