After a significant surge, the U.S. stock market experienced modest gains as investors awaited the Federal Reserve's interest rate decision. The Dow Jones Industrial Average opened slightly lower but stabilized, while the Nasdaq Composite outperformed with an early rise of nearly 1%, gaining approximately 200 points. The S&P 500 opened 18 points higher at 5,947. The Dow opened 11 points lower at 43,718, and the Nasdaq opened 100 points higher at 19,084.
Technology stocks showed robust performance, with Nvidia (NVDA), Apple (AAPL, Financial), and Amazon (AMZN) all rising over 1%. Tesla (TSLA), which had surged nearly 15% the previous day, increased by 0.4% in early trading. In contrast, banking stocks saw a decline, with JPMorgan Chase (JPM) and Bank of America (BAC) dropping between 1% and 2%.
Earnings reports were a focus, with Qualcomm (QCOM) seeing its stock rise nearly 4% after reporting earnings that nearly doubled expectations. Arm Holdings (ARM) returned to profitability in its latest fiscal quarter, with its stock gaining 2%. Moderna (MRNA) unexpectedly turned profitable last quarter, boosting its stock by 5%.
Lyft (LYFT) reported a 32% increase in third-quarter revenue, exceeding expectations and causing its stock to surge 30%. Under Armour (UA) raised its profit forecast due to cost savings, leading to a 25% increase in its stock price.
