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Stock market today: S&P 500 breaches 7,000 mark Wall Street braces for Fed decision, Big Tech earnings

US stocks pushed higher on Wednesday to help the S&P 500 (^GSPC) notch a fresh high as AI trade fervor spread ahead of the Federal Reserve’s latest policy decision and earnings from megacap techs.

The S&P 500 moved up 0.3% to open above 7,000 for the first time, on the heels of a record close. The tech-heavy Nasdaq Composite (^IXIC) climbed about 0.6%, while the Dow Jones Industrial Average (^DJI) hovered above the flat line.

Techs are buoying markets again as a surprise record surge in orders for ASML’s (ASML) chipmaking machines stoked optimism for a long-lasting AI boom. Shares in ASML popped, as did those in AI bellwether Nvidia (NVDA) and TSMC (TSM), which rely on the Dutch company’s gear to produce chips.

That has turned up focus on earnings from Microsoft (MSFT) and Meta Platforms (META), which have invested heavily in an AI-focused data center buildout underpinned by those chips. The tech giants are scheduled to report results after the market close, alongside fellow “Magnificent Seven” megacap Tesla (TSLA). The reports sets the stage for Apple’s (AAPL) quarterly update on Thursday.

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Investors are also bracing for the Fed’s first interest-rate decision of the year at the end of its two-day meeting later. It’s expected to leave rates unchanged in a range of 3.5% to 3.75%, putting the spotlight on Chair Jerome Powell’s press conference comments for clues to future cuts. Markets are currently pricing in two quarter-point rate cuts by the end of 2026, according to CME FedWatch.

The recent slump in the dollar (DX-Y.NYB) could reshape those rate bets, given potential risks of a long decline to the economy. The US currency was stable early Wednesday, after sinking to its lowest level since 2022 on Tuesday after President Trump brushed off the deepest drop in the dollar since his sweeping tariffs launched.

The rate decision also comes amid a period of political tension for the central bank, as the Trump administration in recent weeks opened a criminal investigation against Powell over his Senate testimony about renovations of the central bank’s headquarters. Markets are also watching for President Trump to announce Powell’s successor, which Trump has said could happen any day now.

LIVE 10 updates

  • S&P 500 crosses 7,000, Nasdaq jumps ahead of Big Tech earnings

    US stocks jumped at the market open ahead of the Federal Reserve’s latest policy decision on interest rates and key earnings reports from Microsoft (MSFT), Meta (META), and Tesla (TSLA).

    The S&P 500 moved up 0.3% to open above 7,000 for the first time, on the heels of an all-time closing high. The tech-heavy Nasdaq Composite (^IXIC) climbed about 0.6%, while the Dow Jones Industrial Average (^DJI) hovered above the flat line.

  • Starbucks posts first quarter of US sales growth in 2 years as turnaround continues

    Yahoo Finance’s Brooke DiPalma reports:

    Read more here.

  • Amazon to lay off 16,000 employees, following plans to shutter Amazon Go and Amazon Fresh stores

    Amazon (AMZN) is making major cuts to it workforce — again.

    The e-commerce giant announced plans to eliminate 16,000 roles. Amazon executive Beth Galetti said in a blog post Wednesday morning that the cuts are intended to reduce layers, increase ownership, and reduce bureaucracy.

    Last October, Amazon shared plans to cut its workforce by roughly 14,000. Galetti said on Wednesday that this is not part of a larger reduction to its workforce, emphasizing plans to continue to hire and “invest in strategic areas and functions that are critical to our future.”

    “Some of you might ask if this is the beginning of a new rhythm — where we announce broad reductions every few months. That’s not our plan,” she wrote.

    The cuts come after CEO Andy Jassy said in late 2024 that he wanted the company to “operate like the world’s largest startup.”

    Amazon’s stock ticked higher ahead of the market open on Wednesday.

    This announcement also comes after the company announced plans to close its Amazon Fresh and Amazon Go stores to focus on delivery services and expanding Whole Foods, which Amazon acquired in 2017.

    “While we’ve seen encouraging signals in our Amazon-branded physical grocery stores, we haven’t yet created a truly distinctive customer experience with the right economic model needed for large-scale expansion,” the company said in the release.

    According to sources close to the matter, Amazon plans to evaluate each store to see which locations can be converted into Whole Foods stores.

  • AT&T bets on fiber, spectrum deals to forecast annual profit above expectations

    AT&T’s (T) stock rose 4% during premarket hours on Wednesday after forecasting annual profit above analysts’ estimates. AT&T is betting on its wireless and fiber network expansion, which would allow the company to take advantage of the growing 5G and high-speed internet demand.

    Reuters reports:

    Read more here.

  • Elevance forecasts 2026 profit below estimates on elevated medical costs

    Elevance Health (ELV) stock fell 5% before the bell on Wednesday following a 2026 forecast for profit falling below Wall Street estimates.

    ​The health insurer said it expects higher medical costs ‌to persist into the year.

    Reuters reports:

    Read more here.

  • Dollar pauses after sinking to 4-year low after Trump brushes off concerns about slump

    The dollar (DX-Y.NYB) hit pause after dropping to its lowest level since 2022 on Tuesday as President Trump said he wasn’t concerned about the recent slide in the US currency.

    Early Wednesday, the greenback traded little changed against a basket of other major currencies. But some Wall Street analysts warned the losses could become deeper and long-lasting.

    From Bloomberg:

    Read more here.

  • ASML stock rises after record orders smash estimates as AI spurs demand

    ASML (ASML) US-listed shares climbed over 5% before the bell following a sharp jump in orders for its chipmaking equipment, stoked by Big Tech’s big AI buildout push.

    From Bloomberg:

    ASML Holding’s orders in the fourth quarter far exceeded analysts’ expectations, as the rapid development of artificial intelligence infrastructure boosted demand for its cutting-edge chip-making machines.

    Bookings in the fourth quarter were a record €13.2 billion ($15.8 billion), driven by demand for its most sophisticated equipment, the Veldhoven, Netherlands-based company said in a statement on Wednesday. That compares with an average analyst estimate of €6.85 billion, according to data compiled by Bloomberg.

    ASML is the only producer of cutting-edge lithography machines that are needed to make advanced semiconductors, and counts all the leading chip manufacturers as customers, including Taiwan Semiconductor Manufacturing (TSM) and Intel (INTC).

    Its machinery is integral to producing the Nvidia (NVDA) AI accelerators that are the backbone for training and running AI models in data centers. The Dutch company’s bookings are one signal of chipmakers’ confidence in future AI demand.

    Read more here.

  • Premarket trending tickers: Seagate, Softbank, and Texas Instruments

    Seagate (STX) stock rose 9% before the bell on Wednesday after forecasting third quarter revenue and profit above Wall Street estimates. The data storage company said it had benefited from strong demand for its data storage devices.

    Softbank (9984.T) Tokyo shares rose more than 3% during premarket hours on Wednesday. Softbank is said to be in talks to invest an additional $30 billion in OpenAI (OPAI.PVT). The Japanese company is one of OpenAI’s biggest investors.

    Texas Instruments (TXN) stock rose 7% before the bell on Wednesday after forecasting higher revenue in the quarter ahead.

  • Musk aiming for mid-June SpaceX IPO at $1.5 trillion valuation

    The FT reports:

    Read more here.

  • Texas Instruments stock pops in after-hours trade as analog chip demand rises

    Bloomberg reports:

    Read more here.

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