Stock market today: US stocks mixed ahead of shortened trading day, S&P 500 rises after record close

US stocks were mixed in late morning trading on Wednesday after a record S&P 500 close, with investors eyeing fresh economic data and Federal Reserve minutes for pointers to rate cuts in a holiday-shortened session. The S&P 500 rose about 0.3% after the benchmark ended Tuesday above 5,500 for the first time. The tech-heavy Nasdaq Composite also edged higher, up a bout 0.5%, while the Dow Jones Industrial Average reversed earlier gains to drop 0.2%.

The S&P 500 and Nasdaq Composite hit fresh record closes after Jerome Powell touted progress on cooling inflation. That cemented hopes for an interest-rate cut even as the Fed chair once again signaled a lack of urgency to act. Traders are pricing in 65% odds of a move lower in September, according to CME's FedWatch tool. Meanwhile, job creation slowed for a third straight month with the US adding just 150,000 new private sector jobs in June, below the 165,000 Wall Street had expected.

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