Equities Rise Ahead of FOMC Minutes; Nvidia Briefly Hits $4 Trillion Market Cap

01:58 PM EDT, 07/09/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets awaited minutes of the Federal Reserve's latest monetary policy meeting, while Nvidia (NVDA) became the first company to reach a market capitalization of $4 trillion.

The Nasdaq Composite was up 0.7% at 20,553.3 after midday Wednesday, while the S&P 500 rose 0.3% to 6,242.8. The Dow Jones Industrial Average advanced 0.2% to 44,326. Among sectors, communication services paced the gainers, while consumer staples saw the biggest drop.

Minutes from the Fed's June meeting are scheduled to be released at 2 pm ET. At the meeting, the central bank's Federal Open Market Committee decided to keep its benchmark lending rate unchanged at 4.25% to 4.50% for a fourth straight time, while sticking to its federal funds rate outlook for 2025 amid higher inflation expectations.

"The latest dot plot showed the majority of policymakers still anticipate two rate reductions by year-end, although the forecasts were again compressed towards the hawkish end of the spectrum," Stifel said in a Wednesday note to clients.

US Treasury yields were lower intraday, with the 10-year rate falling 5.9 basis points to 4.36% and the two-year rate losing 3.7 basis points to 3.87%.

In company news, Nvidia (NVDA) shares rose 2.5% in early-morning trading Wednesday, lifting the chipmaking giant's market cap to $4 trillion, the first company ever to hit that milestone. Nvidia (NVDA) shares were up 1.8% after midday, among the top performers on the Dow.

Boeing (BA) was the top gainer on the index, up 5.2%. Thai Airways International might exercise an option to acquire more Boeing (BA) planes as part of the country's tariff discussions with the US, Reuters reported, citing Thai Airways Chief Executive Chai Eamsiri.

UnitedHealth's (UNH) Medicare billing practices are under investigation by the US Department of Justice's criminal healthcare fraud unit, The Wall Street Journal reported, citing unnamed sources. The health insurance giant's shares were down 1.9%, the steepest decline on the Dow.

West Texas Intermediate crude oil was up 0.6% at $68.73 a barrel intraday. "Oil prices rose following renewed geopolitical tensions in the Red Sea," D.A. Davidson said in a client note.

Commercial crude stockpiles in the US unexpectedly increased last week as propane and propylene inventories grew, helping offset draws in the motor gasoline and distillate fuel components, government data showed.

US President Donald Trump sent letters to at least seven more trading partners outlining new tariff rates, including the Philippines and Sri Lanka, CNBC reported Wednesday.

Earlier in the week, Trump sent letters to 14 nations, including Japan, South Africa, Malaysia and Thailand, informing them of their new reciprocal tariff rates that are scheduled to come into effect on Aug. 1.

The European Union is hoping to finalize a trade deal framework with the US in July and potentially within days, the WSJ reported Wednesday, citing a spokesperson.

In economic news, mortgage applications in the US jumped last week as the 30-year fixed rate on conforming loans hit a three-month low, the Mortgage Bankers Association said.

Gold was up 0.1% at $3,320.1 per troy ounce, while silver fell 0.2% to $36.67 per ounce.

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