U.S. stock markets ended the trading session mixed ahead of the Federal Reserve (Fed) meeting. The Dow Jones Industrial Average fell about 0.4%, while the S&P 500 dipped roughly 0.1%. In contrast, the tech-heavy Nasdaq Composite edged up around 0.1%.
Among standouts, Nvidia drew market attention: it initially surged on news that the U.S. may allow sales of its H200 AI chips to selected Chinese customers — a bullish signal for AI-related tech stocks. However, by market close, Nvidia and some other leading names lost steam, reflecting mixed investor sentiment as markets brace for the Fed’s rate decision.
Small-cap equities outperformed the broader market: the Russell 2000 Index climbed about 0.2%, hitting intraday record highs — a sign investors may be seeking more aggressive growth plays ahead of rate action.
Beyond tech: certain commodity- and precious-metal names, along with some commodity-linked stocks and companies with strong earnings surprises, also gained, indicating rotation into sectors seen as safer or potentially more rewarding in a post-rate-cut environment.
With markets on edge ahead of the Fed’s decision — widely expected to deliver a quarter-point rate cut — investor caution remains. The coming economic projections and central-bank commentary will likely set the tone for whether current optimism holds or if volatility returns.