The S&P 500 Index rose to a new record high on Wednesday as Nvidia (NVDA  ) led the broader market higher. The index advanced 1.2% to a fresh record close of 5,354.03. The Dow Jones Industrial Average also rose nearly 100 points, while the tech-heavy Nasdaq Composite added roughly 2%.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.18% or +62.69 points to 5,354.03

Dow Jones Industrial Average (DIA  ): +0.25% or +96.04 points to 38,807.33

Nasdaq Composite Index (QQQ  ): +1.96% or +330.86 points to 17,187.90

Nvidia:

Nvidia rose to its own fresh record high on Wednesday, reaching a $3 trillion market value to pass Apple (AAPL  ) to become the second most valuable public company, behind Microsoft (MSFT  ).

UBS Strategist Jonathan Golub said in a note to clients on Wednesday that Nvidia's year-to-date rally is accounting for nearly a third of the broader market's rally, with the chipmaker up 154% YTD as of Wednesday's close.

"NVDA accounts for 30% of the market's return YTD," Golub wrote. "S&P 500 returns drop from 11.3% to 7.8% ex-NVDA. Many stocks have moved in step with the AI theme."

Moving Markets:

Private Payrolls rose at a less-than-expected rate in May, according to a report from payroll processing firm ADP on Wednesday, offering another labor market report showing weakness. U.S. companies added 152,000 jobs last month, fewer than April's downwardly revised print of 188,000 and analysts expectations.

"Job gains and pay growth are slowing going into the second half of the year," said Nela Richardson, chief economist at ADP, said in a statement. "The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers."

In Other Economic News:

U.S. Services Sector Activity rose at a faster-than-expected rate in May, according to the Institute for Supply Management's (ISM) report on Wednesday. The ISM's services index showed that 53.8% of purchase managers surveyed reported expansion, above estimates and April's rate of 49.4%.

On the Earnings Front:

Hewlett Packard Enterprise (HPE  ) shares rose on Wednesday after the information technology company topped estimates for is second quarter and raised its full-year outlook on increasing demand for artificial intelligence servers. During the quarter, server revenue grew 18% year-over-year to $3.9 billion.

For its current quarter, HPE expects net sales of $7.4 billion to $7.8 billion with earnings per share of $0.43 to $0.48. For its 2024 fiscal year, the company expects revenue to grow by 1% to 3%, up from its previous outlook of flat to 2%. Moreover, its full-year adjusted earnings forecast was raised to between $1.85 and $1.95 per share, compared to its previous guidance of $1.82 to $1.92 per share.

CrowdStrike (CRWD  ) shares also rose higher Wednesday after the cybersecurity software maker also beat Wall Street expectations for its fiscal first-quarter and raised its full-year guidance due to the success for its unified Falcon platform.

"The Falcon platform's differentiated architecture creates a wide competitive moat and uniquely enables CrowdStrike to solve the industry's biggest cybersecurity, IT and data problems," CEO George Kurtz said in a statement. "Customers of all sizes are standardizing on the Falcon platform to achieve better security outcomes and lower their TCO."

For its current quarter, CrowdStrike expects revenue in the range of $958.3 million to $961.2 million with adjusted profits of $0.98 to $0.99. For its full year, the company forecasts sales between $3.976 billion to $4.011 billion, up from its previous guidance of $3.925 billion to $3.989 billion.

In the News:

DollarTree (DLTR  ) announced Wednesday it is exploring a sale of its Family Dollar brand, as the discount retailer said it has closed more than 500 locations during its fiscal first quarter.

"We are already beginning to see progress in this targeted strategy in the streamlined Family Dollar banner," the company said in a release. "The unique needs of each banner at this time -- transformation at Family Dollar and growth acceleration at Dollar Tree -- lead us to the decision to conduct a thorough review of strategic alternatives for the Family Dollar business."

Boeing (BA  ) launched its first Starliner flight with NASA astronauts on Wednesday, marking a crucial turning point for the aerospace company's flight test after multiple delays. Starliner will fly in space for a little over a day before docking at the International Space Station on Thursday.

For Thursday:

Market participants will respond to more labor market data, as well as earnings reports for companies including Lululemon Athletica (LULU  ) and NIO (NIO  ).