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The S&P 500 and Nasdaq closed at record highs for a third consecutive day on Wednesday, led by technology stocks, as Federal Reserve Chairman Jerome Powell mentioned a cautious approach to rate cuts but did not indicate that a December cut is at risk.

At 4:00 PM ET (21:00 GMT):
– Dow Jones Industrial Average: +181 points, or 0.40%
– S&P 500 Index: +0.4%
– NASDAQ Composite: +1%
Both the S&P 500 and Nasdaq marked record highs, while the Dow surpassed 45,000 for the first time.

Powell Expresses Caution on Rate Cuts

Jerome Powell stated that the Fed can adopt a "little more cautious" stance while moving towards a neutral rate, given the economy’s strength. During an interview at the New York Times DealBook Summit, he implied that a December rate cut remains likely, with odds rising to 79% from 75.5% the prior day.

Additionally, attention is on the upcoming nonfarm payrolls data for November, set to be released on Friday. Recent data indicated that US private payroll growth decelerated in November, fuelling speculation for another interest rate cut later this month. According to ADP, private payrolls rose by 146,000 jobs in November, down from a revised increase of 184,000 in October.

Salesforce & Marvell Drive Tech Higher

Salesforce (NYSE: CRM) shares increased 11% after surpassing Q3 revenue forecasts and raising its annual revenue outlook. Wedbush noted robust demand for its AI-driven Agentforce and enterprise cloud solutions.

Dollar Tree (NASDAQ: DLTR) shares rose 2% following its earnings report for the third quarter, which revealed strong same-store sales growth.

Marvell Technology Inc (NASDAQ: MRVL) jumped 23% after exceeding Wall Street earnings and guidance estimates for Q3.

Okta (NASDAQ: OKTA) gained 5% after reporting quarterly profits compared to a loss last year, with 15% of bookings from new products. Conversely, Foot Locker (NYSE: FL) dropped by over 8% after revising down its annual earnings and sales forecasts due to disappointing sales.

Bitcoin Climbs After Trump's SEC Nomination

Bitcoin (BitfinexUSD) surged after President-elect Donald Trump announced his nomination of former SEC Commissioner Paul Atkins as the new head of the agency. Atkins is viewed as a pro-crypto choice and will succeed Gary Gensler, who was criticized by the crypto community for perceived regulatory hindrances.

*(Peter Nurse, Ambar Warrick contributed to this article.)