Both the S&P 500 Index and Nasdaq Composite closed at record highs on Wednesday, as market participants were bullish on names like Tesla (NASDAQ: TSLA) and Nvidia (NASDAQ: NVDA) during the holiday-shortened session. The broader market index rose 0.5% to settle at 5,537.02, while the tech-heavy Nasdaq advanced nearly 0.9% to close at 18,188.30 for the first time.
The Dow Jones Industrial Average, meanwhile, lost some momentum amid the lower trading volumes, and declined over 20 points.
Here's how the market settled on Wednesday:
S&P 500 Index (NYSE: SPY): +0.51% or +28.01 points to 5,537.02
Dow Jones Industrial Average (NYSE: DIA): -0.06% or -23.85 points to 39,308.00
Nasdaq Composite Index (NASDAQ: QQQ): +0.88% or +159.54 points to 18,188.30
In Economic News:
Private Payrolls grew at a less-than-expected pace in June, according to a report from data processing firm ADP released Wednesday, marking the lowest monthly gain since January as the labor market shows some signs of cooling as the summer heat sets in.
U.S. employers added 150,000 positions last month, coming in below May's upwardly revised print of 157,000 and economist estimates for 160,000. Beneath the headline, the leisure and hospitality sector added the most jobs at 63,000, followed by construction (27,000), professional and business services (25,000) other services (16,000) and trade, transportation and utilities (15,000).
"Job growth has been solid, but not broad-based," said Nela Richardson, chief economist at ADP, in a statement. "Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month."
ADP's monthly report comes ahead of the Labor Department's "official" jobs reading for June, which is expected to show 200,000 additions for the month from May's print of 272,000.
Initial Jobless Claims ticked higher for the week ended June 29, the Labor Department reported Wednesday, increasing by 4,000 from the previous week to total 238,000. Continuing unemployment filings, which are tracked a week behind, also rose to 1.858 million -- its highest total since the week of Nov. 27, 2021.
The U.S. Services Sector saw weaker-than-expected activity in June, according to a Wednesday report from the Institute for Supply Management (ISM). The ISM Services PMI came in at 48.8% for the month, representing the share of firms reporting expansion for the month. Readings below the neutral level of 50% indicate contraction, which the index has shown for two fo the past three months.
Markets will be closed on Thursday in observance of the U.S. Indepence Day holiday. Normal trading hours will resume on Friday.