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

Wednesday's Stock Movers

• Salesforce Inc. (NYSE: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. (NYSE:PSTG) up 24%, Okta Inc. (NASDAQ:OKTA) up 4.8%, The Campbells Company (NASDAQ:CPB) down 6%, Dollar Tree Inc. (NASDAQ:DLTR) up 2.4%, and Chewy Inc. (NYSE:CHWY) down 3.8%.
• Companies slated to report their earnings after the close are Synopsys Inc. (NASDAQ:SNPS), SentinelOne Inc. (NYSE:S), PVH Corp. (NYSE:PVH) and Five Below Inc. (NASDAQ:FIVE).

• Tesla Analyst Lowers Q4 Delivery Estimate, Says 2 Dynamics Will Determine EV Stock's Valuation

Image created using artificial intelligence via Midjourney.