The S&P 500 and Nasdaq Composite reached record highs on Wednesday, fueled by gains in tech stocks following strong performances from Salesforce and Marvell Technology. Tech shares drove the rally, boosting investor sentiment and lifting broader market indices to impressive new levels.<\/p>\n\n\n\n
The broad S&P 500 index climbed 0.6%, while the Nasdaq Composite, which is more tech-focused, rose by 1.2%. Meanwhile, the Dow Jones Industrial Average also posted gains, advancing 328 points, or 0.7%.<\/p>\n\n\n\n
Leading the charge was Salesforce, which surged 9% after exceeding fiscal third-quarter revenue estimates. Chipmaker Marvell Technology also outperformed, rising by 24% on the back of strong earnings and fourth-quarter guidance, marking its best daily performance since May 2023. These gains powered the Technology Select Sector SPDR Fund (XLK) to an all-time high, rising 1.5%.<\/p>\n\n\n\n
Despite previous claims that the tech sector\u2019s dominance was fading, experts now suggest the rally is far from over. Nancy Tengler, CEO of Laffer Tengler Investments, told CNBC, \u201cPeople have come out and said, the tech trade\u2019s over. If you look at sector performance, the stocks have lagged since July\u2014but that doesn\u2019t mean that they can\u2019t reaccelerate.\u201d Tengler emphasized that while the market broadens, technology could still outperform.<\/p>\n\n\n\n
The market moves came ahead of upcoming U.S. employment data, expected to provide further insight into the economy\u2019s strength. Economists surveyed by Dow Jones forecast an increase of 214,000 jobs in November.<\/p>\n\n\n\n
In contrast, ADP\u2019s report on Wednesday showed that private payrolls grew less than expected, with companies adding 146,000 positions, compared to the anticipated 163,000. This discrepancy could be crucial in shaping investor expectations for future Federal Reserve actions.<\/p>\n\n\n\n
Fed Chair Jerome Powell addressed the strength of the U.S. economy in a moderated discussion in New York, suggesting the central bank could proceed cautiously on rate cuts. \u201cThe labor market is better, and the downside risks appear to be less in the labor market. Growth is definitely stronger than we thought, and inflation is coming at a little higher,\u201d Powell said. He added that this resilience affords the Fed more caution as it seeks to achieve a neutral policy stance.<\/p>\n","protected":false},"excerpt":{"rendered":"
The S&P 500 and Nasdaq Composite reached record highs on Wednesday, fueled by gains in tech stocks following strong performances from Salesforce and Marvell Technology. Tech shares drove the rally, boosting investor sentiment and lifting broader market indices to impressive new levels. Tech Stocks Lead the Market Rally The broad S&P 500 index climbed 0.6%, […]<\/p>\n","protected":false},"author":10772,"featured_media":1685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[289,661,659,658,660,565,466,655,657,656],"class_list":{"0":"post-1684","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"tag-federal-reserve","9":"tag-jerome-powell-2","10":"tag-market-record-high","11":"tag-marvell-technology","12":"tag-nancy-tengler","13":"tag-nasdaq-composite","14":"tag-sp-500","15":"tag-salesforce-earnings","16":"tag-tech-rally","17":"tag-u-s-labor-market"},"_links":{"self":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/1684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/users\/10772"}],"replies":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1684"}],"version-history":[{"count":1,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/1684\/revisions"}],"predecessor-version":[{"id":1686,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/1684\/revisions\/1686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/media\/1685"}],"wp:attachment":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}