Stock market today: Wall Street notches another record ahead of Fed news

NEW YORK — Wall Street notched another record high as traders wait to hear what the Federal Reserve will do with interest rates. The S&P 500 shook off an early loss and closed 0.6% higher Tuesday, beating the all-time high it set last week. The Dow Jones Industrial Average rose 0.8% and the Nasdaq composite rose 0.4%, both closing slightly below their own recent highs.

Nvidia, which has grown into one of the market’s most influential stocks, swung through the day. Nvidia went from an early drop of nearly 4% to a gain of 0.6% after unveiling new products at its developers’ conference. Analysts called them powerful and said they would keep Nvidia ahead of competitors. Its stock has already more than tripled from the prior year.

Strategists at Bank of America expect Fed officials to stick with forecasts showing the median member still expects three cuts in 2024. But it's a close call, and “risks skew to fewer cuts signaled,” according to the strategists led by Mark Cabana. Bitcoin's price has been generally sliding since hitting a peak above $73,000 last week. It's notorious for taking investors through severe swings in price. It fell further Tuesday and dropped below $64,900.

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