Stock market today: S&P 500, Nasdaq resume climb as Fed minutes signal 'likely' September rate cut

US stocks closed higher on Wednesday, resuming a climb after snapping their longest win streak this year. Investors digested minutes from the Federal Reserve's latest meeting that showed most officials favored a September rate cut if inflation continued to cool. The S&P 500 rose around 0.4%, while the tech-heavy Nasdaq Composite popped nearly 0.6%. The Dow Jones Industrial Average was about 0.1% higher.

Earlier on Wednesday, new data showed the US economy employed 818,000 fewer people than originally reported as of March 2024, showing the labor market may have been cooling long before initially thought. But economists were pointed out the updated data still reflect a labor market that's softening but not "rapidly deteriorating." Investors are still largely treading cautiously ahead of Jerome Powell's appearance at the Jackson Hole symposium on Friday.

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