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The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) closed at record highs on Wednesday, ignited by a Big Tech surge. The rally came amid tentative optimism for interest rate cuts on signs of slowing labor demand and a cooling economy.

The S&P 500 rose nearly about 1.2% to close at at a record 5,354. Meanwhile, the tech-heavy Nasdaq Composite led the gains, popping nearly 2% to hit a record close of 17,187. The Dow Jones Industrial Average (^DJI) gained a more modest 0.2%.

Tech was the clear leader on Wednesday, with Nvidia (NVDA) soaring more than 5% as its market cap crossed $3 trillion for the first time ever. Meanwhile, Apple’s (AAPL) market cap also rose above $3 trillion for the first time since January. Nvidia finished the session above Apple’s market cap, supplanting it as the US stock market’s second most valuable company.

The rally also came amid a decline in Treasury yields. The 10-year Treasury yield (^TNX) hit 4.28% on Wednesday, its lowest level since March.

Hopes for a Fed shift appear to be growing. About 65% of traders now expect policymakers to reduce the benchmark rate at their September meeting, compared with less than 50% a week ago, according to the CME FedWatch tool.

Data out Tuesday showed job openings fell to a three-year low in April. On Wednesday, the ADP private payrolls report provided the latest evidence of labor market cooling, as private-sector growth for May came in below estimates. The bigger focus, though, remains firmly on the labor data highlight of the week, the key monthly jobs report coming Friday.

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