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

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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Stock market today: Stocks fall from records as Tesla, Nvidia lead tech sell-offJerome Powell steps up for part two of his policy update to Congress, with investors on the alert for more clues to rate-cut prospects.
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Stock market news today: Stocks rally before Fed as Nvidia surges 7%A tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
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Stock market news today: Stocks rally before Fed decision as Nvidia surgesA tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
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Stock market news today: Stocks rally after Fed decision, Nvidia surgesA tech revival is helping lift stocks, as investors digest the Federal Reserve's decision to hold interest rates steady.
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Stock market news today: Nasdaq dives as tech sell-off continues, Nvidia down 4%Earnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
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