Wall Street extended its rally on Wednesday, driven by robust gains in technology stocks, as investor optimism around AI-fueled growth continued to strengthen.

The Nasdaq 100 climbed 0.9%, pushing further into record territory following Tuesday’s highs. The S&P 500 advanced 0.4%, hitting 6,077—a fresh record-high milestone—eyeing its twelfth gain in thirteen sessions.

Amazon.com Inc. AMZN advanced over 2% by midday, breaking all-time highs previously set in November. The e-commerce giant’s gains were bolstered by strong early holiday sales and optimism stemming from the AWS annual conference, where AI advancements took center stage.

Fresh economic data offered a mixed narrative. The ISM services index showed a slower-than-expected growth in November, while ADP reported private payroll growth of 146,000 for the month, slightly under the consensus estimate of 150,000.

St. Louis Federal Reserve President Alberto Musalem struck a cautious tone on monetary policy, suggesting a potential slowdown or pause in the pace of interest rate cuts might soon be warranted.

The dollar weakened after the ISM report, while U.S. Treasury yields erased earlier gains and remained steady by midday.

In commodities, gold added 0.3%, while natural gas and crude oil prices declined 2.6% and 1%, respectively.

Meanwhile, the cryptocurrency market struggled to keep up with the broader risk-on mood. Bitcoin BTC/USD slipped 0.2%, trading just above $95,000

Wednesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 0.4% to $606.41.
• The SPDR Dow Jones Industrial Average DIA rose 0.4% to $449.79.
• The tech-heavy Invesco QQQ Trust Series QQQ rallied 1% to $521.87.
• The iShares Russell 2000 ETF IWM rose 0.3% to $240.68.
• The Technology Select Sector SPDR Fund XLK outperformed, rising 1.6%; the Energy Select Sector SPDR Fund XLE lagged, down 2.4%.

Wednesday’s Stock Movers

• Salesforce Inc. CRM rose over 7% in reaction to its quarterly results, which delivered slightly lower-than-expected earnings.
• Other stocks reacting to earnings included Pure Storage Inc. PSTG up 24%, Okta Inc. OKTA up 4.8%, The Campbells Company CPB down 6%, Dollar Tree Inc. DLTR up 2.4%, and Chewy Inc. CHWY down 3.8%.
• Companies slated to report their earnings after the close are Synopsys Inc. SNPS, SentinelOne Inc. S, PVH Corp. PVH and Five Below Inc. FIVE.

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Image created using artificial intelligence via Midjourney.