From Nasdaq:

Wall Street’s main indexes climbed on Wednesday, fueled by strength in megacap tech stocks. Microsoft, Alphabet, and Amazon rose between 0.4% and 1.4% as yield on the benchmark 10-year note inched lower before a bond auction. Nvidia also gained 2.1% to hit a record high.

Megacap stocks Microsoft, Alphabet, and Amazon rose between 0.4% and 1.4%. Nvidia also gained 2.1% to hit a record high after TSMC, the world’s largest contract chipmaker, beat fourth-quarter revenue expectations.

Communication services stocks led sectoral gains by 0.7% with Meta Platforms advancing 3.1% to over a two-year high. However, the rally has been limited following contrasting economic data and mixed signals from Federal Reserve officials.

Investor sentiment is cautious ahead of inflation reports and bank earnings later this week, with the December consumer and producer inflation reports expected to influence the monetary policy trajectory.

Market participants have scaled back expectations for at least a 25-basis-point rate cut in March, currently seeing a near 67% chance. Banking giants are expected to report lower fourth-quarter profits, and banks are expected to remain in a financial hole for at least two years.

At 11:36 a.m. ET, the Dow Jones climbed 0.09%, the S&P 500 was up 0.14%, and the Nasdaq rose 0.27%. On the flip side, crypto stocks, Boeing, and DocGo, recorded declines, with advancing issues outnumbering decliners.



Read more: US STOCKS-Wall St climbs on megacap boost; inflation and earnings in focus