Dow advances, Nasdaq, S&P push to new highs as tech stocks light up on quarterly updates

Key equity averages rose Wednesday, bolstered by a jump in shares in Salesforce (CRM) and other tech companies following their earnings updates.

Investors later Wednesday will key into what Federal Reserve Chair Jerome Powell may say about rate-cut prospects at an event in New York. The Fed had flagged a slowdown in the job market as a factor in jumpstarting its rate-cutting cycle this year. Early Wednesday, ADP’s U.S. private nonfarm payrolls tracker rose by 146K in November, short of consensus.

Meanwhile, the S&P 500 (SP500) and the Nasdaq Composite (COMP:IND) were on course for their third straight wins at the start of December trade and in position to mark fresh record closing highs.

The Nasdaq Composite (COMP:IND) +0.8%, the S&P 500 (SP500) +0.4%, and the Dow (DJI) +0.5%. The Information Technology sector on the S&P 500 (SP500) +1.2%, pacing five other rising sectors. Five groups fell, with Energy losing -2.1%.

Salesforce (CRM) was a standout in Wednesday trade, climbing 9.1% to emerge as the top gainer on both the S&P 500 (SP500) and the Dow (DJI). The customer relations management software maker delivered somewhat mixed Q3 results, but investors cheered deal progress for its Agentforce AI enterprise system.

AI demand and prospects also helped power shares of Marvell (MRVL) +21% after the semiconductor company reported fiscal Q3 results and guidance that topped expectations.

Identity management company Okta (OKTA) +4% after its Q3 results and outlook surpassed expectations.

In Treasuries, the 10-year Treasury yield (US10Y) fell 2 basis points to 4.21%. The 2-year yield (US2Y) fell 4 basis points to 4.14%.

Elsewhere on the the economic front, the S&P U.S. Composite and Services PMI was revised down in November to 54.9.

The ISM Services PMI slipped more than expected in November to 52.1.