Evening Market Recap - Wednesday, 3-Dec

US equities were higher in Wednesday trading though stocks ended a bit off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 86bbps, 30bps, and 17bps respectively. Themes of the day highlighted in mixed headlines regarding Microsoft customer AI adoption versus Marvell data center growth. Softening labor market, support for more Fed cuts, also highlighted in November ADP private payrolls falling 32K versus expectations to increase by~10K, while Industrial Production met, and ISM Services and S&P Services PMI came in ahead. December FOMC decision on deck for next week, with probably of additional 25bp cut just below 90%.