Nasdaq 100: Meta, Microsoft, Alphabet Earnings in Focus as US Stocks Climb

Nvidia Hits $5 Trillion, Lifting Wall Street to New Highs

Wall Street notched fresh records Wednesday as Nvidia’s market cap surged past $5 trillion, adding fuel to a tech-led rally while traders positioned around a widely anticipated Fed rate cut and Big Tech earnings after the bell. At last glance, the Dow added 264 points, the Nasdaq climbed 0.45%, and the S&P 500 ticked up 0.19%.

Is Big Tech Still Driving the Bus?

Nvidia was the star again, jumping 4.7% on the back of $500 billion in AI chip orders and plans to build seven U.S. supercomputers. It’s now the first company ever to cross the $5 trillion mark. That helped lift the broader tech space, with the S&P 500 tech sector gaining 1.4% and semis tacking on another 2.1%. Apple briefly touched $4 trillion earlier this week, and Microsoft still trades above that level. Alphabet edged up 0.3% ahead of its report, while Meta and Microsoft hovered flat.

Seagate was another standout, popping 13.5% after a bullish earnings forecast. Western Digital and Sandisk followed suit, up 11.5% and 7.3% respectively. Traders clearly aren’t done chasing AI-adjacent plays.

Which Sectors Had the Juice — and Which Didn’t?

Energy was the top gainer among the S&P sectors, up 1.13%, followed closely by industrials (+0.99%) and technology (+0.71%). Caterpillar helped fuel industrials with a nearly 10% jump after topping profit estimates. Fortive, Cummins, and Carrier Global also saw solid gains.

On the flip side, real estate (-1.74%) and consumer staples (-1.17%) were hit hardest. Kraft Heinz and Mondelez both cut profit forecasts, knocking their shares down 2.4% and 4.2% respectively. Financials were also weak, dragged by names like Fiserv, which cratered 44% after slashing guidance for the second straight quarter.

What’s the Market Betting on From the Fed?

The smart money is priced in for a 25 basis point cut later today, with another expected in December. But after a data blackout from the government shutdown, traders will be glued to the Fed’s tone. Any signal on the path forward — or hints about ending quantitative tightening — could move the tape.

The bulls have earnings momentum in their corner. Nearly 85% of S&P 500 names that have reported so far have beaten expectations. That’s helped offset soft patches like Boeing’s 3% drop on a $5 billion charge tied to delays in its 777X jet program.

Bottom Line

The market still wants to believe in the soft-landing-plus-AI narrative — and with Nvidia carrying the flag, that belief is paying off. But between the Fed’s call, more earnings on deck, and geopolitical headlines out of Asia, traders aren’t going all in just yet. Eyes stay on Wednesday’s Fed presser and the Xi-Trump meeting in Busan for the next move.

More Information in our Economic Calendar.