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Stock market news today: Stocks soar, Nvidia surges 12%, as Fed, Powell pave way for September rate cut

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A tech revival helped lift stocks, as investors digest the Federal Reserve's decision to hold interest rates steady.

US stocks rallied on Wednesday as investors digested the Federal Reserve's latest decision to hold interest rates steady and a tech revival sent the Nasdaq surging. The S&P 500 rose nearly 1.6% while the tech-heavy Nasdaq Composite soared more than 2.6%. The Dow Jones Industrial Average rose a more modest 0.2%. Stocks extended their gains for the day as Fed Chair Jerome Powell told reporters a September cut "could be on the table.

But a swath of positive news is spurring a comeback for chip stocks, with AMD shares getting a boost from an AI-driven earnings beat. Nvidia climbed over 12%, regaining ground lost in a steep drop on Tuesday in the halo of the results. Also on Wednesday, Morgan Stanley noted that the recent 25% drawdown in Nvidia stock presented a "good entry point," marking a sentiment shift in what's been an otherwise tough July for the AI leader.

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