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Stocks rise ahead of Fed minutes as Nvidia shares gain: Live updates
Stocks moved higher on Wednesday, supported by gains in key technology stocks, as traders awaited the release of the minutes from the Federal Reserve's most recent policy meeting.
The S&P 500 climbed 0.9%, while the Nasdaq Composite added 1.4%. The Dow Jones Industrial Average rose 272 points, or 0.6%.
Nvidia shares advanced more than 2% on the heels of Meta announcing Tuesday that it's going to use millions of Nvidia's chips in its data center buildout.
Additionally, fellow "Magnificent Seven" member Amazon moved higher by 2% after regulatory filings showed Bill Ackman's Pershing Square grew its stake in the e-commerce giant by 65% during the fourth quarter. That makes Amazon the fund's third-largest holding. The move comes after the stock snapped a nine-day losing streak.
Stock market today: Dow, S&P 500, Nasdaq futures rise as AI worries recede, with Fed minutes ahead
Gains for US stocks picked up pace on Wednesday in a sign that AI fears are waning, as investors waited for Federal Reserve minutes to give insight into interest-rate cuts.
The S&P 500 (^GSPC) added 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) picked up 0.8%. The Dow Jones Industrial Average (^DJI), which is less exposed to tech, moved up 0.4% after the major US gauges closed Tuesday with modest gains.
Technology stocks are recovering composure after a turbulent stretch that saw software names in particular take a bruising. But while the pressure is easing, investors are still weighing the long-term impact of AI on business models and corporate competition, and whether AI investments will pay off.
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