Stock market today: Live updates

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Stock market today: Live updates

Traders work on the floor at the New York Stock Exchange on June 24, 2024.

Brendan McDermid | Reuters

The S&P 500 ticked higher in Wednesday’s shortened trading session as investors appeared to look past sluggish economic data.

The broad index added 0.3%. The Nasdaq Composite rose 0.7% as Tesla rallied more than 5%. Both touched fresh all-time highs in the session and are on pace for record closes.

The Dow Jones Industrial Average lost 86 points, or 0.2%, dragged down by a drop of more than 1.5% in UnitedHealth.

Investors parsed stats released Wednesday morning showing softening in the economy ahead of Friday’s all-important June jobs report. ADP data showed less private payroll growth than expected in June, while weekly jobless claims numbers came in higher than economists forecast.

A reading of service sector activity released later in the morning was considerably weaker than expected and indicated a contraction, according to the Institute for Supply Management.

Trading volume was muted Wednesday with the New York Stock Exchange closing early at 1 p.m. ET. The exchange will be shut on Thursday for Independence Day.

While these economic reports could concern investors about the state of the economy, stocks felt support from a decline in bond yields. Notably, the 10-year U.S. Treasury fell for a second day in a row on Wednesday.

Tesla’s ongoing ascent after a better-than-expected deliveries report also helped the market. The electric vehicle maker’s stock is on track for its seventh straight positive session, which would mark its longest winning streak of 2024.

“Everybody hated Tesla three months ago. But now, they’re having their day in the sun,” said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. Tesla’s rally sets “a bullish tone for the market overall.”

Minutes from the policy-setting Federal Open Market Committee’s June meeting will be posted an hour after Wednesday’s closing bell.

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