S&P 500 and Nasdaq Composite close at record highs

US stocks closed sharply higher on Wednesday, with the S&P 500 and Nasdaq Composite rising to a new record as tech names made strong gains.

Chipmaker Nvidia reached $3tn in market value for the first time during the session, with its shares adding more than 5 per cent. Other tech giants also climbed, taking the Nasdaq Composite almost 2 per cent higher. The S&P 500 rose 1.2 per cent on the day.

The two-year Treasury yield fell 0.04 percentage points to 4.73 per cent, while the 10-year yield slipped 0.06 percentage points to 4.28 per cent, the lowest level since April 1.

Earlier in the day, ADP jobs data had come in lower than forecast. Investors will be watching non-farm payrolls figures on Friday for any further signs of cooling.