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

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Federal Reserve,S&P 500

Investors looked to fresh economic data for pointers on rate cuts as they got set for the July 4th closure.

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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