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

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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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 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 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 waver in wait for key earnings, Fed meeting kickoffA packed day of earnings and the start of the Fed's July meeting continue a potentially pivotal week for stocks.
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Stock market news today: US stocks set for rebound after key Fed-watched inflation dataInvestors are looking to the Fed-favored inflation data to calibrate the timing and depth of rate cuts.
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Stock market news today: Nasdaq sinks, Nvidia drops 7% ahead of Big Tech earningsA packed day of earnings and the start of the Fed's July meeting continue a potentially pivotal week for stocks.
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