(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Indexes: Dow up 0.70%, S&P 500 down 0.09%, Nasdaq down

0.60%

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Advanced Micro Devices ( AMD ) gains after upbeat long-term

forecasts

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IBM ( IBM ) gains on new quantum computing chips

(Updates with late morning prices)

By Twesha Dikshit and Purvi Agarwal

Nov 12 (Reuters) -

Wall Street's main indexes were mixed on Wednesday, with the

Dow at a record high and the Nasdaq lagging peers, as investors

rotated out of technology stocks while monitoring progress on a

likely end to the historic U.S. government shutdown.

Most big tech stocks fell with Alphabet, Tesla

and Meta Platforms ( META ) down between 2.3% and 2.6%.

Communication services and consumer

discretionary sectors were the biggest drags on the

S&P 500.

"We have seen somewhat of a rotation away from

Nasdaq-heavy leadership toward other areas of the market doing

pretty well like healthcare and financials," said Matt Stucky,

chief equity portfolio manager at Northwestern Mutual.

"A critical component for seeing markets broaden out is

having earnings broaden out as well."

News of Japanese technology investor SoftBank Group

offloading its Nvidia ( NVDA ) stake and a forecast cut

from AI cloud services provider CoreWeave ( CRWV ) had renewed

concerns about rapidly growing valuations among tech companies

on Tuesday.

AMD, which advanced 9.5% on Wednesday after the

chip designer unveiled a $100 billion data-center revenue target

among other AI-driven goals, was an exception. It boosted the

broader semiconductor index 1.5%.

Traditionally defensive sectors such as healthcare

and consumer staples saw gains. Eli Lilly ( LLY )

hit a record high and was last up 1.7%.

Financials on the S&P 500 jumped 0.9%. Goldman

Sachs ( GS ), up 2.8%, was the biggest boost to the Dow.

At 11:57 a.m. ET, the Dow Jones Industrial Average

rose 335.14 points, or 0.70%, to 48,260.55, the S&P 500

lost 6.27 points, or 0.09%, to 6,840.34 and the Nasdaq Composite

lost 141.79 points, or 0.60%, to 23,326.51.

Members of the House of Representatives headed back to

Washington for a vote scheduled for Wednesday evening, that

could reopen the government and restore stability to air travel

and food subsidies.

Still, President Donald Trump will have to sign the

compromise into law.

The 42-day long closure has weighed on the economy, and

created a data gap for both the Federal Reserve and traders,

leaving them reliant on private economic indicators.

Tuesday's weekly update of ADP's preliminary payroll figures

showed private employers shedding an average of 11,250 jobs a

week for the four weeks ended October 25, pointing to continued

weakness in the labor market.

Traders are currently pricing in a 63% probability of a

quarter-point reduction at December's monetary policy meeting,

CME Group's FedWatch tool showed.

Atlanta Fed President Raphael Bostic said he would retire

when his current term ends in February, amid concerns of a push

by Trump for more influence over the Fed.

"If you're looking for a marginal difference between

Bostic and who would likely be appointed, think of somebody ...

that could incrementally make the Fed board more dovish in terms

of policy," said Stucky.

The third-quarter earnings season is slowly winding down,

but all eyes will remain on Nvidia's ( NVDA ) earnings next week, a test

of the optimism around AI that has driven Wall Street to record

highs this year.

Among other moves, shares of IBM ( IBM ) rose 1.7% after

announcing new

quantum computing chips

.

Advancing issues outnumbered decliners by a 1.29-to-1

ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq.

The S&P 500 posted 31 new 52-week highs and one new low,

while the Nasdaq Composite recorded 86 new highs and 78 new

lows.