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.

After the opening bell, the Dow rose 0.5%, as the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite climbed 0.5% in morning trade. The S&P 500 and the Nasdaq closed at record highs on Tuesday as rate-cut odds bolted higher following July inflation data.

U.S. stocks remained sharply higher in midday trading on Tuesday after a broadly in-line July consumer-price index report propelled the S&P 500 and the Nasdaq Composite to fresh intraday records. The S&P 500 was rising 0.