(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 up: Dow 0.23%, S&P 500 0.27%, Nasdaq 0.45%

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SMCI falls after missing Q1 revenue, profit estimates

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Johnson Controls ( JCI ) jumps after upbeat 2026 profit forecast

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U.S. economy adds more private jobs in October than

expected

(Updates after markets open)

By Twesha Dikshit and Purvi Agarwal

Nov 5 (Reuters) - Wall Street's main indexes inched

higher on Wednesday, as technology stocks steadied following a

sell-off in the previous session, while a stronger-than-expected

private payrolls report did little to alter expectations of a

rate cut in December.

The ADP employment report showed U.S. private payrolls

rebounded sharply in October, calming some jitters around a

weakening labor market, after which stock futures pared most

losses.

"While the report was better-than-expected, it was far from

showing blistering growth," said Bret Kenwell, U.S. investment

analyst at eToro.

"The big question is whether investors will find relief in

these numbers or if they'll be disappointed in what it may mean

for the Fed's December rate decision."

Many tech stocks that were part of Tuesday's sell-off after

warnings of a market pullback by U.S. bank CEOs and bearish

views from hedge funds on the AI trade bounced back.

Nvidia ( NVDA ) gained 0.7%, while Broadcom ( AVGO ) was up

3.2%. The broader information technology sector gained

0.5%, after falling over 2% on Tuesday.

Advanced Micro Devices ( AMD ), which announced an upbeat

forecast on Tuesday, reversed premarket declines to trade flat.

The benchmark S&P 500 recently trading at 23.3 times

forward earnings, which is its highest since the start of the

century and well above its 20-year average of 16, according to

data compiled by LSEG.

Financial stocks fell 0.1%. Bank of America ( BAC )

shares slipped 2.9% even as the second-largest lender in the

U.S. raised its profitability target.

McDonald's rose 3.3%, lifting the Dow, after the

company beat estimates for third-quarter global comparable

sales.

There was little reaction in stocks after democratic

socialist Zohran Mamdani was elected as mayor of New York City.

At 10:02 a.m. ET, the Dow Jones Industrial Average

rose 109.06 points, or 0.23%, to 47,188.36, the S&P 500

gained 18.62 points, or 0.27%, to 6,790.17 and the Nasdaq

Composite gained 105.87 points, or 0.45%, to 23,454.51.

Meanwhile, a Supreme Court hearing on the legality of U.S.

President Donald Trump's tariffs is scheduled for later in the

day.

China said it would suspend retaliatory tariffs on U.S.

imports following last week's meeting between the countries'

leaders, while 10% levies would be maintained with imports of

U.S. soybeans facing a 13% rate.

Investors and the Fed will also focus on private data with

the U.S. government shutdown becoming the longest in history.

The Institute of Management Supply's gauge for

non-manufacturing activity came in at 52.4 in October, compared

with estimates of 50.8 according to economists polled by

Reuters.

Eli Lilly ( LLY ) gained 2.6%. The company's Danish rival

Novo Nordisk lowered its fiscal-year profit and sales forecast.

Health insurer Humana slipped 9.5% after its

third-quarter results, while Johnson Controls ( JCI ) was the

biggest gainer on the S&P 500 after it forecast 2026 profit

above expectations.

Super Micro Computer ( SMCI ) slumped 7.7% after the server

maker posted quarterly profit and revenue below Wall Street

estimates.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio

on the NYSE and by a 1.49-to-1 ratio on the Nasdaq.

The S&P 500 posted 16 new 52-week highs and 9 new lows,

while the Nasdaq Composite recorded 41 new highs and 97 new

lows.