Stocks traded mostly higher in Wednesday's final hour of trading, with the Nasdaq Composite on track to close above 20,000 for the first time, as investors concluded November's as-expected inflation data was good enough to ensure a Federal Reserve interest-rate cut next week.

Tech stocks soared on Wednesday, boosted by the prospect of a rate cut at next week's Fed meeting. Tesla stock jumped 6% to an all-time high.

Megacap tech gains have powered the Nasdaq to a year-to-date gain of 33.5% and its first close north of 20,000 points.