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Stock market news today: Stocks rally after Fed decision, Nvidia surges

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Nasdaq Composite News

Federal Reserve,Earnings Reports,Jerome Powell

A tech revival is helping 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 by 1.4% while the tech-heavy Nasdaq Composite soared more than 2.2%. The Dow Jones Industrial Average rose a more modest 0.6%. Stocks maintained their gains for the day after the widely anticipated decision from the Fed.

Nvidia climbed over 11%, 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. Elsewhere, Dutch chip gear giant ASML's stock surged about 6% after Reuters reported the US will exempt some foreign allies from new China curbs.

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