Market Overview - U.S. equities are showing a mixed but generally upward trend, with the technology sector driving major indexes higher despite cautious broader market sentiment ahead of the Federal Reserve's policy meeting [1][3] - The S&P 500 is up approximately 0.2%, following a +0.47% close on Monday, while the Nasdaq Composite is leading with a 0.3% gain [2] - The Dow Jones Industrial Average is marginally lower, down about 0.1%, as some industrial and financial stocks face challenges [2] Upcoming Economic Events - The Federal Open Market Committee (FOMC) meeting is taking place, with markets anticipating a near-certainty of a 25 basis point interest rate cut, and some speculating on a potential 50 basis point cut [4] - The Consumer Price Index (CPI) for August 2025 is set to be released on October 15, 2025, with August's retail sales data showing a healthy increase of 0.6% month-over-month [5] Major Company Highlights - Alphabet (GOOGL): Achieved a market capitalization of $3 trillion for the first time, with Class A shares up 4.6% and Class C shares climbing 4.5%, driven by optimism around AI and a favorable antitrust ruling [6] - Nvidia (NVDA): Saw a 3.11% increase in share price, supported by strong demand for GPUs and Oracle's plans to allocate $35 billion for AI computing infrastructure [7] - Apple (AAPL): Shares rose 3.91%, driven by strong preorder reports for the iPhone 17 series, with a projected 5%-10% increase in preorders compared to last year [8][9] - Microsoft (MSFT): Shares increased by 1.1%, with a quarterly dividend of 91 cents per share approved, marking a 10% increase from the previous payout [10] - Tesla (TSLA): Shares jumped over 8% after CEO Elon Musk purchased nearly $1 billion worth of stock, despite facing challenges in global sales and market share [11] - Boeing (BA): Reported a 34.9% year-over-year increase in revenue, although it missed earnings expectations [12] - Pfizer (PFE): Announced positive clinical trial data for its mRNA-based COVID shots, reporting $0.78 earnings per share and a 10.3% revenue increase compared to the previous year [13] Market Sentiment - The overall market momentum indicates a "risk-on" environment, particularly within the tech sector, as investors await further developments from the FOMC meeting and economic data [3][14]
Midday Momentum: Tech Leads as Fed Meeting Kicks Off, Google Hits $3 Trillion