Nasdaq hits record high as soft jobs data fuels hopes of more Fed support

• The Nasdaq Composite index hit an intraday record high on Wednesday after weaker-than-expected ADP employment data spurred hopes of further Federal Reserve support.
• The S&P 500 - which hovered near records - enters September free off seven months of gains.

The Nasdaq Composite index hit record intraday highs on Wednesday after weaker-than-expected ADP employment data spurred hopes of further Federal Reserve support.

Private payrolls rose by 374,000 in August, a figure that missed the estimate of 613,000 from economists surveyed by Bloomberg. August marked the second-smallest increase in hiring since February.

Last week, Federal Reserve Chairman Jerome Powell reiterated that the central bank could start tapering asset purchases but also said that the labor market's recovery still needs assistance.

Here's where US indexes stood shortly after the 9:30 a.m. market open on Wednesday:

• S&P 500: 4,528.85, up 0.1%
• Dow Jones industrial average: 35,368.09, up 0.02% (7 points)
• Nasdaq Composite: 15,326.00, up 0.4%

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The benchmark S&P 500 on Tuesday ended higher for the seventh consecutive month, its longest winning streak since January 2018.

"Even as the major averages all finished higher in August ... we're advising caution for investors here in September for several reasons," said Greg Bassuk, CEO of AXS Investments, told Insider in a note. "Uncertainties sparked by the Delta COVID variant, the uncertain outcome of the Fed's meeting this month, and rising geopolitical tensions including in Russia, China and Afghanistan, all weigh heavily on the markets."

Gold rose as much as 0.4% to $1,820.13 per ounce.

Oil prices fell, with West Texas Intermediate crude down 1.8% to $67.30 per barrel at intraday lows.

Bitcoin rose as much as 1.8% to $47,843.19.