S&P 500, Nasdaq leap to fresh records as Vietnam trade deal boosts hopes ahead of key jobs report

US stocks moved higher to clinch more record highs on Wednesday as optimism over US trade deals rose at the same time that more signs of an intensifying labor market slowdown bolstered the case for the Federal Reserve to start cutting interest rates.

The Dow Jones Industrial Average was just below the flat line. Meanwhile, the S&P 500 rose nearly 0.5%, closing at an all-time high of 6,277.42.

The Nasdaq Composite moved up more than 0.9%, also hitting a record close at 20,393.13. Apple stock rose after an upgrade from Jefferies analysts, and Tesla shares climbed after the EV maker produced more vehicles globally than expected in the second quarter even as sales plummeted.

The benchmark S&P 500 and Nasdaq moved firmly higher Wednesday after President Trump announced a trade deal with Vietnam, lifting investor hopes that more agreements will come before the July 9 tariff pause deadline.

Meanwhile, the labor market showed more signs of a cooldown in June. ADP data showed US private employers unexpectedly cut 33,000 jobs in the month, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years.