Stock market today: Live updates

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 broad market index was last up 0.1% after reaching an intraday high of 7,002.28 earlier in the session. The Nasdaq Composite advanced 0.4%. The Dow Jones Industrial Average slipped 70 points, or 0.2%.

The broader market’s rise was bolstered by gains in chip stocks following upbeat earnings results. Seagate Technology shares jumped more than 16% 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.

Later on Wednesday, the Fed is widely expected to keep its benchmark interest rate steady at a target range of 3.5% to 3.75%, but traders will be seeking hints on longer-term changes to monetary policy. Fed funds futures trading suggests two quarter percentage point cuts by the end of 2026, according to the CME FedWatch Tool.

“The current U.S. economic outlook remains positive, with ongoing growth and a labor market that, although somewhat soft, has stabilized. Inflation continues to run above the Fed’s target, leaving little justification for immediate rate cuts,” said Christian Hantel, portfolio manager at Vontobel Asset Management.

“Instead, investors should look to the March and June FOMC meetings as potential opportunities for policy adjustments, though these could be pushed into the second half of 2026 if conditions warrant,” Hantel added. “All eyes will be on Chair [Jerome] Powell for any signals about the Fed’s openness to further easing, but for now, the central bank’s cautious, meeting-by-meeting approach seems set to continue.”

Earnings from a slate of major technology companies are on deck. Microsoft, Meta Platforms and Tesla are set to post their quarterly financial results Wednesday after the closing bell. Apple will post its results on Thursday.

Outside tech, Starbucks rose more than 4% after the coffee chain reported that its traffic grew for the first time in two years. Its first-quarter revenue also beat expectations, while its earnings missed.