Wall Street today: US stocks mostly up on hopes of more Fed rate cuts, Intel soars 25% on Nvidia’s $5 bn investment deal

US stocks mostly advanced on Thursday after the US Federal Reserve made its first rate cut of 2025.

As of 9:35 AM Eastern Time, the S&P 500 rose 0.4%, the Dow Jones Industrial Average was down less than 0.1%, and the Nasdaq Composite was 0.8% higher.

At the open, the Dow Jones Industrial Average rose 38.2 points, or 0.08%, to 46,056.55. The S&P 500 rose 26.5 points, or 0.40%, to 6,626.85, while the Nasdaq Composite rose 177.8 points, or 0.80%, to 22,439.111.

Tech shares jumped after US chipmaker Nvidia announced a $5 billion investment in Intel. The deal will see the two companies collaborate on developing custom data center and PC products, and resulted in Intel's stock soaring more than 25%.

Nvidia stock climbed 2.5%

On Wednesday the Federal Reserve made a quarter-point rate cut -- in line with market expectations -- as it flagged risks to the US labor market.

The US central bank also hinted that more rate cuts are likely on the way.

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