The benchmark S&P 500 and Nasdaq hovered near record highs on Wednesday, but the market reflected weakness in some technology stocks after the previous day's strong gains on hopes that the Federal Reserve was getting close to a monetary easing cycle.

Investors dialed up bets on Wednesday that the Federal Reserve will cut interest rates in September, lifting the S&P 500 and Nasdaq composite to record closing highs for the second straight day. Tuesday’s inflation report showed that price increases held steady in July,

Japan's benchmark stock index hit a new record Tuesday, the latest sign that global investors are taking President Trump's push to reorder international trade in stride. The Nikkei Stock Average closed 2.

The company reported second-quarter GAAP earnings per share of $1.28 on revenue that soared 42% to a quarterly record of $4.84 billion. Analysts surveyed by Visible Alpha had expected $0.97 and $4.58 billion, respectively. 2

Tokyo's benchmark stock index ended Wednesday at an all-time high for a second straight day. The Nikkei 225 also reached a new intra-day record high as it did the previous day, up more than 700 points at one point.