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Stocks jumped Wednesday as major tech names were led higher by Nvidia and readied for the Federal Reserve’s latest monetary policy decision.
The Dow Jones Industrials were propelled higher by 237.02 points to 40,980.35.
The S&P 500 index rocketed 92.55 points, or 1.7%, to 5,528.99.
The NASDAQ popped 438.95 points, or 2.6%, to 17,588.74.
Nvidia shares gained 10.8%, clawing back some of this month’s losses, as better-than-expected results from rival Advanced Micro Devices stoked optimism in the semiconductor space. Other tech stocks such as Apple, Meta Platforms and Amazon were also higher. Microsoft, however, pulled back roughly 1% on disappointing quarterly cloud revenue.
Boeing added more than 2% after announcing a new chief executive officer. The aerospace company also reported a wider-than-expected loss and disappointing revenue for the second quarter. Humana, meanwhile, slid about 9% after posting weak guidance.
Carvana and Qualcomm are among the names set to report after the close.
The Fed is slated to wrap its two-day policy meeting Wednesday. The central bank is expected to keep rates steady at the meeting, but the focus will be on chair Jerome Powell and whether he offers any signs that cuts may be on the near horizon.
Jobs data released Wednesday hinted at a slowing economy and supported central bankers’ efforts to reduce inflation. Private job growth slowed further in July as the pace of wage gains dropped to a three-year low, according to the latest ADP report.
Prices for the 10-year Treasury gained slightly, with yields falling to 4.10% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices perked $2.48 at $77.21 U.S. a barrel.
Gold prices shone brighter $15.40 to $2,467.300
