Wall Street drifts near its all-time high as most stock markets surge

The US stock market is drifting near its record levels on Wednesday following mixed reactions to profit reports from Macy's, Marvell Technologies and other companies.

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The US private sector shed 32,000 jobs in November, according to payroll firm ADP, compared to a small gain expected by analysts.

The jobs numbers reinforced concerns over the health of the US economy, which has struggled with dislocations and price rises caused by tariffs introduced by President Donald Trump's administration.

The S&P 500 edged down by 0.18 in morning trading but remains within 18 of its all-time high set in late October. The Dow Jones Industrial Average was up 85 points, or 0.28, as of 10:15 am Eastern time, and the Nasdaq composite was 0.38 lower.

Marvell rose 68 after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited strong demand for its data centre products, while also announcing a $3.25 billion purchase of Celestial Al to bolster its artificial-intelligence infrastructure business.

American Eagle Outfitters was another winner and rallied 15.48 after the retailer reported a better profit than expected. Its CEO, Jay Schottenstein, said it also saw a strong start to the holiday shopping season with an acceleration in demand across its brands during the Thanksgiving weekend.

Outside of earnings reports, Capricor Therapeutics surged 3073 after the biotech company reported encouraging study results for its potential therapy for people with Duchenne muscular dystrophy.