US Equity Indexes Touch All-Time Highs as Fed Set to Cut Rates, Nvidia Surpasses $5 Trillion Market Cap

01:30 PM EDT, 10/29/2025 (MT Newswires) -- US equity indexes scaled new peaks in midday trading on Wednesday, as technology topped sector charts ahead of a widely anticipated easing of monetary policy by the Federal Reserve and Nvidia (NVDA) hit a record $5 trillion in market capitalization.

The Nasdaq Composite rose 0.6% to 23,974.43, after hitting a record 24,019.99 earlier in the session. The S&P 500 was up 0.3% to 6,909.44, also scaling a new peak of 6,920.34 intraday. The Dow Jones Industrial Average climbed 0.5% to 47,927.47, after posting an all-time high of 48,040.64 intraday. All three mainstream gauges have hit new highs in the past three consecutive sessions.

Energy was among the top gainers intraday. Utilities, consumer staples, and financials led the steepest decliners.

The Fed is widely expected to cut interest rates by 25 basis points, according to the CME FedWatch Tool. Investors will also look out for Fed Chair Jerome Powell's comments on the path ahead for policy in a press briefing following the policy announcement. Currently, the probability of another rate reduction of the same magnitude in December is 85%.

"Tonal balancing is likely to be conveyed in Jay Powell's press conference, which may sound 'hawkish' to listeners that have been inculcated into the narrative of a Fed that is prepared to cut aggressively well into 2026," Macquarie said in a note.

"Of course, the FOMC Statement and press conference are likely to touch upon low turnover in the US labor market, 'sticky' inflation, and the implicit tension in fulfilling the Fed's dual mandate due to this whiff of stagflation," the note added.

Treasury yields were mixed, with the 10-year yield up 1.6 basis points to 4%.

Meanwhile, Nvidia's (NVDA) shares rose 2.8%, building on the previous day's momentum amid media reports that President Donald Trump could discuss the firm's Blackwell artificial intelligence chip with his Chinese counterpart, Xi Jinping, during the duo's meeting on Thursday. Nvidia (NVDA) Chief Executive Jensen Huang said Tuesday that orders worth more than $500 billion have been secured for the company's AI chips through the end of 2026.

Constellation (CEG) and Xpansiv, an infrastructure provider for energy transition markets, announced plans to introduce clean energy-based annual emission-free energy certificates on an online trading platform. Additionally, Raymond James adjusted the price target for the company's shares to $405 from $393. Shares of Constellation rose 3.6% intraday, among the top gainers on the Nasdaq.

Seagate Technology (STX) reported fiscal Q1 non-GAAP earnings and revenue above market expectations. Shares soared 18% intraday, among the leaders on the S&P 500.

Fiserv (FI) shares plunged 40% intraday, the worst performer on the S&P 500, after the company reported lower-than-expected Q3 adjusted earnings and revenue, and also cut its 2025 outlook.

West Texas Intermediate crude oil futures climbed 0.9% to $60.72 a barrel.

Gold futures rose 0.7% to $4,011.71 per ounce, but were off session highs. Silver futures climbed 1.7% to $48.11.

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