12:12 PM EST, 12/04/2024 (MT Newswires) -- US equity indexes rose amid gains in the technology sector and ahead of comments from Federal Reserve Chair Jerome Powell after a services index corroborated a slowdown in expansion.

The S&P 500 climbed 0.4% to 6,075.8 after midday on Wednesday, after touching a new intraday record high earlier in the session. The Nasdaq Composite advanced 0.9% to 19,651.5, also scaling a fresh intraday peak. The Dow Jones Industrial Average edged 0.6% higher to 44,972.7. Apart from technology, the communication services sector was also among the top gainers intraday. Energy was the standout decliner.

Marvell Technology ( MRVL ) shares spiked 22% intraday, the leader on the Nasdaq after the semiconductor solutions provider issued an upbeat fiscal Q4 earnings outlook at the midpoint. Further, its results in the prior three-month period topped market estimates.

Salesforce ( CRM ) reported fiscal Q3 revenue late Tuesday, surpassing Wall Street's estimates amid subscription and support sales gains. Its shares shot up 8.3% intraday, the biggest gainer on the S&P 500.

Powell will likely speak in a moderated discussion at the New York Times DealBook Summit at 1:45 pm ET.

In economic news, the Institute for Supply Management's US services index fell to 52.1 in November from 56.0 in October, compared with expectations for 55.7 in a survey compiled by Bloomberg. The reading points to slower expansion in the sector, in line with most of the regional services data and the S&P Global measure already released.

ADP's monthly measure of private payrolls showed a 146,000 increase in November, below expectations for a 150,000 gain compiled by Bloomberg. The November gain followed a downwardly revised 184,000 gain in October.

Treasury yields declined, with the 10-year down 2.2 basis points to 4.2% and the two-year rate 3.5 basis points lower at 4.14%.

West Texas Intermediate crude oil futures fell 0.5% to $69.57 a barrel.

In international news, French members of parliament are taking part in a debate ahead of a vote of no confidence in Prime Minister Michel Barnier. Bloomberg reported that the "far right and left" are set to topple the government.