US stocks are drifting in mixed trading on Wednesday.

The S&P 500 rose 0.2 per cent in afternoon trading and remains near its all-time high set a couple of weeks ago. The Dow Jones jumped 428 points, or 0.9 per cent, after setting its own record the day before, while the Nasdaq composite was down 0.3 per cent in midday trade.

The Australian sharemarket is set to advance, with futures at 4.59am AEDT pointing to a rise of 22 points, or 0.3 per cent, at the open. The ASX lost 0.2 per cent on Wednesday. The Australian dollar was trading at US65.44¢..

Advanced Micro Devices was at the front of the market on Wall Street. It rallied 8.6 per cent after CEO Lisa Su said the chip company is expecting better than 35 per cent of annual compounded growth in revenue over the next three to five year

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