From NASDAQ:

U.S. stocks rose on Wednesday, led by Microsoft MSFT.O, Meta Platforms META.O, and Nvidia NVDA.O, while the 10-year Treasury note yieldUS10YT=RR held near 4% and a $37 billion auction of the notes drew above-average demand.

The best performing of the 11 major S&P sectors was communication services .SPLRCL, buoyed by a roughly 4% rise in Meta Platforms’ META.O stock to the highest level since September 2021, after Mizuho raised its price target to $470 from $400. Nvidia NVDA.O also gained 2.1% to hit a record high.

Stocks faced struggles, as mixed economic data and comments from Federal Reserve officials have led to a rethinking of expectations for rate cuts. The market is treading water early in the year, according to Sam Stovall, chief investment strategist at CFRA Research in New York.

The focus will turn to the December consumer and producer inflation reports, due on Thursday and Friday, which could help determine the monetary policy path for the central bank. Market participants have scaled back expectations to a 67.6% chance for at least a 25-basis-point rate cut in March.

On Friday, banking giants JPMorgan Chase JPM.N, Bank of America BAC.N, Citigroup C.N and Wells Fargo WFC.N are expected to report lower fourth-quarter profits. Crypto stocks including Coinbase COIN.O, Bitfarms BITF.O and Riot Platforms RIOT.O each shed over 2.1%, as bitcoin BTC= prices dipped after the U.S. securities regulator said a hacked social media message was posted on its account regarding the eagerly awaited approval of exchange-traded funds (ETFs).



Read more: US STOCKS-Stocks rise as megacaps lead; inflation data, earnings eyed