S&P 500, Nasdaq, and Dow Hit Trading and Closing Records | Wall Street Today
Three record-setting indexes closed Wednesday at record highs after hitting trading highs in the last ten minutes of the session.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded +0.61%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.69%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.30%.
MACRO
Federal Reserve Chair Jerome Powell said the economy looks better now than when the central bank began cutting interest rates in September, which means the Fed can move more slowly in reducing borrowing costs.
"We wanted to send a strong signal that we were going to support the labor market if it continued to weaken," Powell said during Wednesday's New York Times DealBook Summit.
Powell also said he did not think the presumptive incoming Treasury Secretary nominee would create a 'shadow Fed chair' that calls the shots. He spoke about Scott Bessent's interview in Barron's-- Bessent is President-elect Trump's pick for Treasury Secretary, who said he would name a Fed chair successor right away to replace Pwoll when he presumably leaves in 2026. Bessent said that the incoming Fed chair could talk about Monetary Policy and affect markets without acting as the real Fed Chair.
"I don't think that's on the table at all," Powell said "There's a set of institutional relationships between the Fed and every administration."
According to S&P and ISM PMI numbers released Wednesday, manufacturing and service prices continued to climb in November, according to S&P and ISM PMI numbers released Wednesday, but prices did not climb as much as estimated.
SECTORS
Within industries tracked by moomoo, Salesforce led the way for a 2.39% jump in Cloud Computing stocks tracked by moomoo.
$Crude Oil Futures(JAN5) (CLmain.US)$ sat at 68/barrel, awaiting an OPEC+ meeting on Thursday.
$Bitcoin (BTC.CC)$ hovered at $98k, hitting 99250 and echos away from the 22nd of November, when the coin hit an all time high at 99,800, striking distance from 100k. Silver and gold climbed, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was flat.
MOOVERS
$Salesforce (CRM.US)$ climbed 10%, the highest on the S&P 500 and Dow, after the enterprise cloud company beat estimates for third-quarter revenue and raised the lower end of its annual revenue forecast.
$Okta (OKTA.US)$ stock soared 14% before returning to a 5% climb after the digital identity verification firm reported a third-quarter profit versus a year-ago loss, with 15% of its bookings coming from new products.
$Marvell Technology (MRVL.US)$ stock gained 22%, the highest on the Nasdaq 100 after the chipmaker forecast fourth-quarter revenue above analyst estimates, pointing to strong AI chip demand. Sales for the chip maker climbed 19% quarter over quarter to $1.52B, vs. estimates of $1.46B.
$Pure Storage (PSTG.US)$ shares soared 21% as its investors focused on the company's win with a "top 4 hyperscaler," a major milestone that is anticipated to increase sales in fiscal 2027, Wedbush said in a note Wednesday.
$Roku Inc (ROKU.US)$ shares are up 9% as some analysts argue it's time to add the stock to the holiday wish list.
In market-related news, Brian Johnson, CEO of $UnitedHealth (UNH.US)$'s insurance unit, was shot and killed outside of the Hilton Hotel in Midtown Manhattan Wednesday morning, according to NyPost and multiple news outlets. The suspect was described as using a silenced weapon, and sources told CNBC it was a targeted attack. UNH, the largest healthcare conglomerate in the U.S., canceled its investor day, which was planned at the Hilton on Wednesday.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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