Stock market news today: Stocks rally before Fed as Nvidia surges 7%

US stocks rallied on Wednesday amid a tech revival that sent the Nasdaq surging, as investors prepared for the Federal Reserve's decision on whether to cut interest rates. The S&P 500 rose by 1.5% while the tech-heavy Nasdaq Composite soared more than 1.8%. The Dow Jones Industrial Average rose about 0.1%. Tech stocks are in the ascent again after taking a battering in recent days.

Elsewhere, Dutch chip gear giant ASML's stock surged after Reuters reported the US will exempt some foreign allies from new China curbs. As that pressure eases, the spotlight is turning to the Fed, which is expected to hold interest rates steady but signal a cut is in the pipeline when it ends its July policy meeting later Wednesday.

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