Stock market today: S&P 500, Nasdaq hit record highs as Nvidia leads tech rally

The S&P 500 and Nasdaq Composite 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 gained a more modest 0.2%.

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 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.

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