U.S. stock futures were mixed Wednesday after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision.
Futures for the Dow Jones Industrials captured 62 points, or 0.1%, to 47,957.
Futures for the S&P 500 index picked up 16.75 points, or 0.2%, to 6,942.50.
Futures for the NASDAQ hiked 106.50 points, or 0.4%, to 26,270
Nvidia shares were up more than 3% in the premarket, putting the chipmaker on pace to reach a market capitalization of $5 trillion. It would be the first time a U.S. company would reach such a valuation.
Wall Street is coming off a second day of fresh records for the major averages. The S&P 500 rose 0.2% and topped 6,900 for the first time ever intraday, putting it on the cusp of a major milestone at 7,000. The Dow climbed 162 points, or 0.3%. The NASDAQ outperformed, advancing 0.8%.
Investors expect the stock market will continue to have its way so long as it’s able to make it through a rapid succession of tests this week.
The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting.
The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the mega-cap behemoths could hurt the broader market. Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday.
Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea.
In Japan, the Nikkei 225 raced higher 2.2% Tuesday, while in Hong Kong, markets were closed for holiday.
Oil prices gained 19 cents to $60.34 U.S. a barrel.
Gold prices jumped $57.40 to $4,040.50 U.S. per ounce.
