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Stocks Climb on Fed Day as Nvidia Hits $5 Trillion
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October 29, 2025
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3:43Now PlayingAlicia Levine, Head of Investment Strategy and Equity Advisory Solutions at BNY Wealth, discusses the catalysts behind continued growth momentum for the S&P 500.
Wall Street traders looked past concerns about elevated technology valuations, with the high-profile industry driving stocks toward a fresh record as prospects for another Federal Reserve rate cut bolsters the outlook for corporate earnings.
A renewed tech rally sent the S&P 500 up for a fifth straight day, putting the gauge on track for its longest streak of monthly gains since 2021. While there have been worries about narrowing breadth that could jeopardize the sustainability of the advance, confidence in the outlook for artificial intelligence kept powering tech megacaps and the broader market.
With optimism about AI running rampant, Nvidia Corp. became the first $5 trillion company as President Donald Trump said he’ll discuss the Blackwell processors with China’s Xi Jinping. The chipmaker’s chief Jensen Huang has recently announced various partnerships, dismissing AI bubble chatter.
AI is so essential to the bull market that updates on spending and progress developing the technology are what investors most want to see when tech giants report earnings. Microsoft Corp., Alphabet Inc. and Meta Platforms Inc. kick things off with their results Wednesday, with Amazon.com Inc. and Apple Inc. following on Thursday.
“This week’s big tech earnings may be the most important in recent memory since many investors are skeptical about the stock market’s rally,” said David Laut at Kerux Financial. “Big tech earnings will provide clarity and data that investors can use to determine if the past few week’s of gains are justified.”
Before that, the Fed is expected to cut rates by a quarter percentage point and Chair Jerome Powell will likely offer little guidance amid a divide among policymakers. Fed watchers also see a high chance officials will halt the runoff of Treasury securities from its $6.6 trillion balance sheet at this meeting.
The S&P 500 topped 6,900. While tech led gains once again, about 320 shares fell. Nvidia rose 3.5%. The yield on two-year Treasuries was little changed at 3.50%. The dollar wavered. Gold jumped.
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