US stocks edged higher Wednesday as Amazon (AMZN) led a tech jump that saw the company cross $2 trillion in market cap for the first time ever.
The benchmark S&P 500 (^GSPC) rose 0.2%, while the Dow Jones Industrial Average (^DJI) edged 0.04% higher. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) was up about 0.5%, leading the way higher.
Treasury yields inched off their 3-month lows. The 10-year Treasury yield (^TNX) added about 8 basis points to climb back to 4.31%.
A wobbly last handful of sessions has left investors wondering whether the drag on stocks is temporary or the start of a more solid retreat. The outsize impact of Nvidia (NVDA) stock on broader performance has underlined the question.
On Wednesday, it was Amazon leading tech megacaps higher, as the stock rose nearly 4% on its way to becoming the fifth US company ever with a $2 trillion-plus value.
At the same time, the market is looking to economic prints for cues ahead of the key PCE inflation release on Friday. Federal Reserve speakers this week have underlined their caution in deciding to make interest-rate cuts, dependent on the data.
Elsewhere, Rivian (RIVN) shares surged more than 23% after the EV maker announced an alliance with Volkswagen (VWAGY) that could boost its coffers by up to $5 billion. FedEx (FDX) stock jumped more than 15% as its 2025 profit forecast topped Wall Street estimates.
Investors also kept a close eye on Chipotle (CMG) as its 50-for-1 stock split took effect this morning - the largest in the history of the NYSE. Shares in the burrito seller were up a modest 0.3% on Wednesday.
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