03:51 PM EDT, 06/05/2024 (MT Newswires) -- US benchmark equity indexes were on track to close higher Wednesday as markets analyzed the latest macroeconomic data.

The Nasdaq Composite gained 1.8% at 17,158.8, while the S&P 500 rose 1.1% to 5,347.4. The Dow Jones Industrial Average advanced 0.2% to 38,782.8. Among sectors, technology jumped 2.5%, the biggest gain, while utilities posted the largest drop.

Private employment in the US increased 152,000 last month, slowing from April's downwardly revised 188,000, Automatic Data Processing ( ADP ) reported. Analysts in a Bloomberg survey expected a 175,000 increase.

The Institute for Supply Management's US services index rose to 53.8 in May from 49.4 the previous month, compared with expectations for 51 in a survey compiled by Bloomberg.

Separately, S&P Global ( SPGI ) said its services PMI last month jumped to a one-year high of 54.8 from 51.3 in April, in line with market expectations.

The US 10-year yield fell 4.7 basis points to 4.29%, while the two-year rate lost 3.9 basis points to 4.73%.

Lululemon Athletica ( LULU ) , Five Below ( FIVE ) , Smartsheet ( SMAR ) and Victoria's Secret (VSCO) are among companies scheduled to report financial results after the closing bell.

West Texas Intermediate crude oil rose 1.3% to $74.20 per barrel.