Stock market today: S&P 500, Nasdaq hit fresh highs as stocks head into holiday with a bang

Stocks ended Wednesday's holiday-shortened session on a high note with both the S&P 500 and Nasdaq notching fresh records following weak economic data that fueled investor optimism for a September rate cut. The S&P 500 rose about 0.5% to hit a new high of 5,537 after the benchmark ended Tuesday above 5,500 for the first time. The tech-heavy Nasdaq Composite also moved higher, finishing the day up around 0.9%, while the Dow Jones Industrial Average dropped roughly 0.1%.

Weak economic data released Wednesday cemented hopes for an interest-rate cut after the US services sector contracted in June at the fastest pace in four years. Meanwhile, private-sector job creation slowed for a third straight month with the US adding just 150,000 new jobs in June, below the 165,000 Wall Street had expected. Pay gains for both job stayers and job changers also slowed. Traders are now pricing in 74% odds of a move lower in September, according to CME's FedWatch tool.

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