Stock Market Today: S&P 500 closes at record as focus shifts to Fed decision
Investing.com — The S&P 500 closed at record highs Tuesday, led by energy stocks and weakness in Treasury yields as investors awaited the Federal Reserve decision due Wednesday.
At 16:00 ET (4:13 GMT), the S&P 500 gained 0.6% to notch a closing record of 5,178.48.The NASDAQ Composite added 0.4%, and the Dow Jones Industrial Average rose 320 points, or 0.8%.
The Fed's two-day meeting kicked off Tuesday, but with a unchanged decision on rates expected, investors wary that the Fed may signal fewer rate cuts this year following a recent bout of hotter-than-expected inflation data.
Data released over the last couple of weeks has shown that U.S. inflation has remained above the central bank's 2% medium-term target.
An updated Summary of Economic Projections «could show a reduced expectation for rate cuts this year relative to three predicted in the December,» Stifel said Tuesday.
Despite fears about a less dovish Fed, Treasury yields slipped, with the yield on the 2-year Treasury down 4 basis points to 4.69%.
On the economic front, housing activity continued to recover as housing starts and building permits surprised to the upside.
Nvidia (NASDAQ:NVDA) rose 1% as the chipmaker's new latest AI chip unveiled at its annual technology conference stoked a slew of positive remarks from Wall Street.
Nvidia unveiled different versions of its Blackwell AI chips including the B100, a B200, and a GB200, offering «an easy upgrade path, which in of itself could create significant demand for NVDA's next generation of parts,» Wedbush said in a note.
Spire Global (NYSE:SR) gave up some gains to trade 0.7% higher after the data and analytics company announced a collaboration with Nvidia for AI-driven weather prediction.
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