The S&P 500 and Nasdaq Composite closed at record highs

US stocks closed sharply higher on Wednesday, with the S&P 500 and Nasdaq Composite rising to new records as tech names surged.

Chipmaker Nvidia hit a market value of $3 trillion for the first time during the session, with its shares rising more than 5%. Other tech giants also rose, sending the Nasdaq Composite up nearly 2%. The S&P 500 index rose 1.2% on the day.

Two-year Treasury yields fell 0.04 percentage points to 4.73%, while 10-year yields fell 0.06 percentage points to 4.28%, the lowest level since from April 1.

Earlier in the day, ADP employment data was lower than forecast. Investors will be watching Friday’s nonfarm payrolls data for any further signs of cooling.


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