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The S&P 500 rose to a milestone level on Wednesday, hitting 7,000 for the first time, ahead of the Federal Reserve’s interest rate decision and earnings reports from major tech companies.
The Dow Jones Industrials dipped 78.1 points to begin the session at 48,925.37
The much-broader index picked up 9.2 points to 6,987.80.
The NASDAQ hiked 99.29 points to 23,916.39.
The broader market’s rise was bolstered by gains in chip stocks following upbeat earnings results. Seagate Technology shares jumped more than 15% after the storage infrastructure company’s second-quarter earnings and revenue topped analyst expectations, with CEO Dave Mosley citing strong demand for artificial intelligence data storage.
Additionally, semiconductor equipment giant ASML reported record orders and issued rosy 2026 guidance due to the AI boom.
Beyond those earnings, China has given approval to ByteDance, Alibaba and Tencent to buy Nvidia’s H200 AI chips, Reuters reported Wednesday.
Nvidia shares rose roughly 2%. Fellow semiconductor names Advanced Micro Devices, Micron Technology and Taiwan Semiconductor Manufacturing saw gains as well.
Investors are monitoring the performance of the U.S. dollar after the currency posted its worst day since last April on Tuesday with a more than 1% drop. Its one-year fall now stands at more than 10%.
Tuesday’s move came on the heels of President Donald Trump failing to say that the currency had gone too far in its fall, instead viewing it as “doing great.” The dollar rebounded slightly Wednesday.
Prices for the 10-year Treasury slid a bit, raising yields to 4.25% from Tuesday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices added 41 cents to $62.80. U.S. a barrel.
Gold prices hiked $161.40 to $5,154.98.
