The S&P 500 closed slightly higher on Wednesday, gaining 0.1%, while the NASDAQ Composite rose 0.5%, driven by a surge in Amazon. The Dow Jones Industrial Average increased by 16 points, or 0.04%.

Tech Sector Highlights:

  • Amazon (NASDAQ: AMZN) closed at a record high, with a 4% gain pushing its market cap to $2 trillion.
  • NVIDIA (NASDAQ: NVDA) ended the day just above the flatline despite early gains, maintaining investor optimism due to AI growth.

Economic Focus: Investors are eyeing Friday’s PCE price index release, the Federal Reserve’s preferred inflation gauge. With the Fed projecting only one interest rate cut in December, the data could signal continued moderation in price pressures.

Corporate Movements:

  • FedEx (NYSE: FDX) jumped 15% on a positive full-year revenue outlook.
  • Southwest Airlines saw a decline following a guidance cut.

All eyes remain on the upcoming inflation data to gauge future Fed policy moves.