Top Stock Movers Now: Carvana, CarMax, Nvidia, LegalZoom, and More

The S&P 500 and Nasdaq added to their record highs in intraday trading Wednesday amid optimism about rate cuts by the Federal Reserve after Fed Chair Jerome Powell warned keeping rates high for too long could hurt growth. The Dow was also higher.

Bullish comments from Truist analysts helped drive Nvidia ( NVDA ) shares higher, potentially heading for another all-time closing high.

TSCM ( TSM ) American depositary receipts (ADRs) also jumped on the chipmaker's better-than-expected results , boosted by demand for artificial intelligence (AI) chips.

Carvana ( CVNA ) shares gained on an upgrade from Needham , which said it expects the online used car retailer to become a profitable secular growth story. The news helped lift shares of rival CarMax ( KMX ), which led gains in the S&P 500.

Intuit ( INTU ) shares slumped after the financial software company said it was laying off 10% of its employees, and plans to hire workers to advance its AI ambitions.

LegalZoom ( LZ ) shares cratered after the online legal services provider announced its CEO left the firm, and it reduced its full-year guidance.

Oil and gold futures advanced. The yield on the 10-year Treasury note was little changed. The U.S. dollar rose versus the yen, but lost ground to the euro and pound. Prices for most major cryptocurrencies were higher.

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