Nasdaq 100: Salesforce and Marvell Earnings Boost US Stocks to New Highs

What’s Driving the Market Today?

The S&P 500 and Nasdaq hit record highs on Wednesday, driven by tech sector gains following robust earnings reports and optimistic forecasts from leading companies. Investors are now turning their attention to Federal Reserve Chair Jerome Powell’s upcoming comments for clarity on interest rate policy ahead of Friday’s jobs report.

At 17:30 GMT, the Dow Jones Industrial Average is trading 44895.12, up 189.59 or +0.42%. The S&P 500 Index is at 6074.12, up 24.24 or +0.40% and the Nasdaq is trading 19677.06, up 196.15 or +1.01%.

Salesforce and Cloud Stocks Propel Dow

Salesforce surged 8.8% to an all-time high after exceeding third-quarter revenue estimates and raising its annual guidance, delivering the biggest boost to the Dow. The strong performance also lifted other cloud stocks, with ServiceNow and Datadog advancing 5.6% each. The rally in enterprise software reflects continued demand for cloud-based services, bolstering the broader tech sector.

Semiconductor Strength Leads Tech Gains

Semiconductors played a crucial role in Wednesday’s rally, as Marvell Technology soared 21.6% to a record high following a strong fourth-quarter revenue forecast. This lifted the broader Semiconductor Index by 1.6%.

Megacaps like Microsoft and Nvidia also posted solid gains, contributing to a 1.49% advance in the S&P 500 Information Technology sector, which reached a record high. These moves underline tech’s resilience as a market leader.

Economic Data and Fed Policy in Focus

Mixed economic data shaped market sentiment. U.S. private payrolls showed modest growth in November, while annual wage growth for workers staying in their jobs edged higher for the first time in over two years. However, the ISM services index signaled slower expansion, revised down to 56.1.

Investors are closely watching Powell’s comments for insights on the Federal Reserve’s next move. Dovish signals earlier this week, including St. Louis Fed President James Bullard’s remarks supporting rate cuts, suggest the potential for another reduction at the December 17–18 meeting. Traders are already pricing in a higher probability of such a move, depending on the strength of Friday’s jobs report.

Broader Market Trends Highlight Tech Dominance

Market breadth reflected the tech-driven rally, with 23 S&P 500 stocks hitting 52-week highs, including Meta, Apple, and Amazon. These milestones indicate strong confidence in growth sectors. On the other hand, the energy sector lagged, falling 2.42%, weighed down by declining oil prices.

Market Forecast: Where Could the Market Be Headed Next?

The outlook appears bullish as strong tech earnings and dovish Fed commentary support upward momentum. If Powell reinforces the possibility of further rate cuts and Friday’s jobs report aligns with expectations, the rally could extend, particularly in growth-heavy sectors like technology and semiconductors.

However, caution is warranted, as weaker-than-expected economic data or a hawkish Fed stance could create short-term headwinds. Traders should stay alert to Powell’s comments and key data releases for signs of market direction.

More Information in our Economic Calendar.