gave S&P 500 A fresh record hit on Wednesday as Nvidia led major tech stocks and slightly weaker labor market data gave investors hope that the Federal Reserve could move to lower interest rates later this year.

The broad market index rose 1.18 percent to close at 5,354.03, a fresh record. The S&P 500 also hit a new intraday all-time high of 5,354.16. The new milestone index gained after a few weeks of sluggishness, and is now up 12.3% year-to-date.

gave Nasdaq Composite Shares of Nvidia rose 1.96% to 17,187.90, also a new record. gave Dow Jones Industrial Average Stocks outside technology underperformed slightly, gaining 96.04 points, or 0.25%, to end the session at 38,807.33.

Nvidia continued its artificial intelligence-driven run, gaining more than 5% to set a new record and reach a market value of $3 trillion. A chip maker New chips unveiled. To kick off the week, that drew more praise from Wall Street analysts. Bank of America said Nvidia could. Rally to $1,500, reflecting a gain of more than 22% from Wednesday’s close.

Private payroll data from ADP Hiring slowed to 152,000 jobs last month, well short of the 175,000 economists in Dow Jones had expected. The data is the latest sign of weakness in the labor market that investors hope will give the Federal Reserve enough evidence to cut benchmark interest rates.

Fed funds futures trading now suggest a roughly 70 percent chance central bank policymakers will return to the current target rate of 5.25 percent to 5.5 percent in September. CME FedWatch Tool. Thursday and Friday’s all-important May jobs report will focus on weekly jobless claims numbers.

“We expect the S&P to end the year amid a Fed rate cut, strong earnings growth, and a secular growth trend driven by artificial intelligence,” Solita Marcelli, chief investment officer at UBS Global Wealth Management, wrote in a note on Wednesday. Let’s see 500 reach 5,500.”

Marcelli added that UBS expects the Fed to cut rates twice this year, providing a “healthy backdrop for stocks.”

Along with Nvidia, other tech stocks led Wednesday’s gains. Hewlett Packard Enterprise Fiscal second-quarter earnings climbed more than 10 percent after topping Wall Street estimates. Crowd strike Jumped nearly 12 percent on stronger-than-expected earnings and guidance. Companion technology and artificial intelligence play Meta platforms increased by 3.8 percent.

Wednesday’s rally was narrow with some bank stocks and consumer stocks as tech rallied. Some investors worry that the weak economic data could signal a broader slowdown and outweigh the impact of lower borrowing costs.

Friday’s jobs report will be the most important data of the week for markets, with economists polled by Dow Jones expecting 190,000 jobs to be added in May, up from 175,000 in April.