Nasdaq Leads U.S. Stocks Higher as Investors Await Fed Decision

U.S. stocks closed higher Tuesday, led by a 1.2% gain in the Nasdaq Composite, as investors awaited Wednesday’s Federal Reserve decision and a slate of major technology earnings.

The Nasdaq finished at 26,477.81 at the 4 p.m. ET (20:00 UTC) close. The S&P 500 rose 45.83 points, or 0.6%, to 7,722.60, while the Dow Jones Industrial Average gained 15.99 points, less than 0.1%, to 52,377.57. The S&P 500 advanced despite declines in most of its stocks, with influential AI-related shares providing support.

The Federal Open Market Committee (FOMC) is scheduled to announce its decision at 2 p.m. ET (18:00 UTC) Wednesday, followed by a news conference at 2:30 p.m. ET (18:30 UTC). At its Sept. 16 meeting, the committee raised its federal funds target range by 25 basis points, to 3.75% to 4%.

Microsoft’s fiscal 2027 first-quarter earnings call and Alphabet’s third-quarter results call are scheduled for Wednesday, Oct. 28. Alphabet has scheduled its results call for 4:30 p.m. ET (20:30 UTC) Wednesday. Amazon plans to hold its third-quarter results call at 5 p.m. ET (21:00 UTC) Thursday, Oct. 29.