US stocks traded mostly higher on Wednesday after another record-setting session on Wall Street as investors braced for the Federal Reserve’s policy decision to help set odds for future interest-rate cuts.
S&P 500 futures (ES=F) rose 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) gained roughly 0.6%. Meanwhile, Dow Jones Industrial Average (YM=F) futures were little changed following a strong session that lifted stocks to fresh all-time highs.
Markets are in wait-and-see mode ahead of Wednesday’s Fed decision. The central bank is widely expected to deliver a quarter-point rate cut, its first since July, as investors watch closely for any hints from Chair Jerome Powell about the pace of additional easing.
Big Tech moves continue to grip markets this week. Nvidia’s (NVDA) stock rose in premarket after closing at a record high as investors welcomed a flood of product updates, partnerships and other news from its GTC event. The chipmaker is on the cusp of becoming the first company to cross $5 trillion in market value.
The countdown is now on for earnings from “Magnificent Seven” tech megacaps, led out after the bell on Wednesday by reports from Alphabet (GOOG), Meta Platforms (META), and Microsoft (MSFT). Quarterly results from Apple (AAPL) and Amazon (AMZN) follow on Thursday. Analysts expect another round of hefty data center spending, though the focus will be on how much continued investments in AI are paying off. Any disappointment could drag on the broader market.
Meanwhile, easing trade tensions between Washington and Beijing have provided a modest tailwind for stocks. Investors will be monitoring President Trump’s trip to South Korea, where he is expected to meet with Chinese President Xi Jinping on Thursday.
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