The Nasdaq rose 0.8% to 20,360.1 after hitting an all-time high of 20,418.31 on Monday. The S&P 500 climbed 0.3% to 6,217.5, trading just below its new peak of 6,219.17 scaled before midday on Wednesday. The Dow Jones Industrial Average was 0.1% lower at 44,445.5, close to its record of 45,073.63.
Consumer discretionary, technology, and materials led the gainers intraday. Utilities and healthcare were among the steepest decliners.
In economic news on Wednesday, Automatic Data Processing's monthly measure of private payrolls showed a 33,000 decline in June, compared with expectations compiled by Bloomberg for an increase of 98,000. The June decline followed a downwardly revised 29,000 increase, from the previously reported 37,000 increase, in jobs in May.
"Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP Chief Economist Nela Richardson said in a statement. "Still, the slowdown in hiring has yet to disrupt pay growth."
Outplacement firm Challenger, Gray & Christmas reported US companies planned to cut 47,999 jobs in June, down from 93,816 in May and 48,786 a year earlier.
"The bulk of companies cited economic conditions last month," said Andrew Challenger, the company's senior vice president. "We saw some DOGE activity and have tracked over 2,000 jobs directly attributed to tariffs this year, but for the most part it was a quiet June."
On Tuesday, in a 51-to-50 vote, Senate Republicans passed the $3.3 trillion tax and spending package, Stifel said in a note. According to the Congressional Budget Office, the Senate bill will likely add more than $3 trillion to the deficit over the next decade. The bill now needs to be voted on again by the House before heading to the President's desk by a self-imposed target of July 4.
Bloomberg reported that several moderate and ultraconservative Republicans are "threatening to sink the bill" that narrowly passed in the Senate, according to a note from D.A. Davidson.
The ICE US Dollar Index stood little changed at 96.87, its lowest level since around February 2022. The US 10-year Treasury yield jumped 5.3 basis points to 4.3% and the two-year climbed 1.2 basis points to 3.79%. Gold futures rose 0.3% to $3,359.2 per ounce.
On the trade front, President Donald Trump said he isn't considering an extension of the July 9 deadline for his reciprocal tariffs and threatened to cut off talks with several nations, including Japan, which he described as "very tough" to deal with, Bloomberg reported Wednesday.
In company news, Tesla (TSLA) said it delivered 384,122 vehicles in Q2, down 13.5% from the year-ago period. The electric-vehicle maker said it produced 410,244 automobiles in Q2, down 0.1% from a year earlier. Still, Tesla's shares jumped 4.6% intraday, the top gainer on the Nasdaq.
Centene (CNC) shares slumped 40% intraday, the worst performer on the S&P 500, after the company withdrew its 2025 earnings guidance and several analysts cut their respective share-price targets.
In energy markets, West Texas Intermediate crude oil futures jumped 2.3% to $66.95 a barrel.
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