Market Highlights

Wall Street was cautiously optimistic, with big technology names once again sending US stocks inching back to all-time highs as traders digested mixed economic data and took stock of shifting geopolitical risks. Yields fell across the globe. The S&P 500 Index edged up to notch its second intraday record of 2026 on Wednesday. The Nasdaq 100 climbed 0.5%. Valero Energy Corp. climbed to an all-time high, leading shares of refiners higher after President Donald Trump said Venezuela would turn over millions of barrels oil to the US. The rally in US Treasuries was dampened after US services activity expanded in December at the fastest pace in more than a year, fueled by solid demand growth and a pickup in hiring. Earlier data from ADP Research was better received by the bond market after it showed hiring in December rose at a moderate pace, pointing to sluggish momentum heading into 2026. The yield on 10-year notes fell to 4.14%, with rates also moving lower across most of Europe.