The S&P 500 is trading near record levels this Wednesday morning, though activity remains subdued in the thin holiday session. Traders are keeping a close eye on fresh labor market data coming through—parsing every detail for hints about where the Federal Reserve might take interest rates next. With wage growth, employment figures, and jobless claims all in focus, the broader market sentiment hinges on what these numbers signal about the Fed's policy trajectory. Holiday volume might be light, but the stakes remain high for investors positioning ahead of the next policy decision.