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.

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.

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.