The Nasdaq Composite has hit another record high, with high-growth technology stocks in the lead after weaker-than-expected private payrolls data raised hopes for an extended support from the US central bank. Technology stocks, which tend to benefit from a low-rate environment, were up 0.7 per cent, while sectors considered as bond-proxies such as utilities rose 1.2 per cent. Apple jumped 1.9 per cent to hit record highs, while Microsoft, Google, Amazon and Netflix gained one per cent. The ADP report, published ahead of the government’s more comprehensive employment report on Friday, showed US private employers hired far fewer workers than expected in August. “If we see employment slowing on Friday, the Fed is most likely to not hint at any tapering until jobs are back on track,” said Sam Stovall, chief investment strategist at CFRA. US Federal Reserve Chair Jerome Powell has suggested that an improving labour market will be a key factor affecting the decision for a tapering of its massive asset purchases. Wall Street’s main indexes have hit record highs recently, with the benchmark S&P 500 notching a solid 2.9 per cent rise in August as investors shrugged off risks around a rise in new coronavirus infections and hoped for the Fed to remain dovish in its policy stance. Another set of data showed US manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce. Surveys earlier on Wednesday showed Asian and European factory activity lost momentum in August as the coronavirus pandemic disrupted supply chains. Economically sensitive energy stocks, materials and industrial stocks fell between 0.6 per cent and 0.9 per cent, keeping the S&P 500 and Dow subdued. Rate-sensitive banks fell as US government bond yields slipped. Wells Fargo fell 3.8 per cent, extending losses for a second day after report of US sanctions on the bank. In early trading on Wednesday, the Dow Jones Industrial Average was down 45.90 points, or 0.13 per cent, at 35,314.83, the S&P 500 was up 5.74 points, or 0.13 per cent, at 4,528.42, and the Nasdaq Composite was up 84.99 points, or 0.56 per cent, at 15,344.22. Nick Note: As we discussed yesterday in Market News and Commentary we want to short the September rally. This will end badly for the Robin Hooders. Talk about a arrow in your ass…. They will be making a nice contribution to our wealth account.