FX.co ★ US Stocks Advance on Wednesday

US stocks experienced a general uptick on Wednesday, bolstered by the anticipated reduction in interest rates from the Federal Reserve, which continues to enhance earnings prospects for the year. The S&P 500 modestly rose, extending its record high, while the Nasdaq 100 saw a slight increase, and the Dow hovered near the flatline. According to ADP data, there was a mild recovery in private sector employment in December, aligning with expectations and reinforcing the belief in a labor market characterized by slow hiring and minimal layoffs, thus sustaining the speculation of multiple rate cuts by the Fed. Semiconductor and computer storage firms maintained their upward momentum from the previous session, with Micron and Texas Instruments both advancing by more than 6% this week. Futures for Valero, Marathon Petroleum, and Phillips 66 also surged following President Trump's statement that the US had secured its initial oil exports from Venezuela. This development is advantageous for refineries on the Gulf Coast that are equipped to process heavy, sour crude. Moreover, Chevron, the sole American firm with operations in Venezuela, experienced gains as well.