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The Nasdaq Composite and the S&P 500 reached new records on Wednesday morning.

The tech-heavy index gained about 0.7% just after 9:30 a.m. ET, and the broad market index advanced 0.3%, while the Dow Jones Industrial Average climbed 178 points, or about 0.4%.

Shares of Nvidia rose more than 4% Wednesday, making the tech giant the first company to cross the $5 trillion market value threshold.

The extraordinary milestone reflects a remarkable rise for the company, which has evolved from a niche video game processor to an integral player in the artificial intelligence boom.

Nvidia’s stock, which closed up 5% Tuesday, has climbed more than 50% year-to-date.

The latest move higher comes shortly after CEO Jensen Huang said Nvidia expects $500 billion in AI chip orders and announced plans to build seven new supercomputers for the US government.

US stocks rose Wednesday after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision.

The Nasdaq Composite hit a fresh record high, climbing 0.6%. The S&P 500

gained 0.3%, also hitting a record, while the Dow Jones Industrial Average

advanced 200 points, or 0.4%.

Nvidia shares were up more than 4%, putting the chipmaker’s market capitalisation above $5 trillion. It would be the first time a US company would reach such a valuation.

US Treasuries slipped across the curve as traders cautioned that any hawkish remarks from Fed Chair Jerome Powell could spark fresh volatility. Yields have largely held in a narrow range in recent days amid a data lull caused by the US government shutdown.

The 10-year yield rose one basis point to 3.99%, while the dollar snapped a two-day losing streak.

“The decisive factor will be Powell’s press conference and how he assesses the current situation with regard to the labor market, because we are not getting any real data at the moment due to the government shutdown,” said Unicredit strategist Christian Stocker. “The economy will continue to develop solidly if we get some interest rate cuts next year. That would certainly be very, very decisive for the stock market.”

US mortgage rates fell to a fresh one-year low, encouraging more homeowners to refinance and drawing prospective buyers into the market.

The contract rate on a 30-year mortgage fell 7 basis points to 6.3% in the week ended Oct. 24, according to Mortgage Bankers Association data released Wednesday. The group’s measure of refinancing jumped to the highest level since mid-September, and the index of home-purchase applications rose for the first time in five weeks.

Technology stocks kept driving global equities higher as hopes for a breakthrough by Nvidia Corp. in China reinforced optimism about artificial intelligence ahead of a likely Federal Reserve interest-rate cut.

The S&P 500 looked set to extend its record rally, with futures up 0.3%. Nvidia Corp. rose more than 3% premarket, setting the AI powerhouse on course to become the first public company worth $5 trillion. US President Donald Trump raised expectations of a deal allowing Nvidia to export a version of its Blackwell processor to China.

Major brokerages anticipate that the Fed will deliver 25-basis point cuts at each of its two remaining meetings this year, following the widely expected reduction in September, according to Reuters.Market participants widely expect another 25-basis-point rate cut this week as the Powell-led Fed continues to balance inflation control with growth support.The meeting and Powell’s press conference will be broadcast live on the Federal Reserve’s official website (federalreserve.gov) and its YouTube channel (@federalreserve/streams).

US stock futures were mixed on Wednesday after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision. S&P 500 futures gained 0.2%, while the Nasdaq 100 futures rose 0.3%. Dow Jones Industrial Average futures fell by 107 points, or 0.2%.

Nvidia shares were up more than 3% in the premarket, putting the chipmaker on pace to reach a market capitalization of $5 trillion. It would be the first time a US company would reach such a valuation.

Shares of Nvidia rose more than 3% in premarket on Wednesday, putting the tech giant on track to become the first company to cross the $5 trillion market value threshold.

The extraordinary milestone would reflect a remarkable rise for the company, which has evolved from a niche video game processor to an integral player in the artificial intelligence boom.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.