US Stocks Hold Steady in Afternoon Trading as Fed Meeting Begins, Tech Earnings Loom

Market Overview - US equity markets showed a cautious yet positive stance, building on record-setting momentum from the previous session, with a focus on the Federal Reserve's policy meeting and anticipated interest rate cut [1][4] - Major US market indexes demonstrated resilience, with the S&P 500 Index closing at 6,875.16, up 1.2%, marking its 35th record close of the year [2] - The Nasdaq Composite Index rose 0.5% in afternoon trading, following a 1.9% surge to a record of 23,637.46, driven by strong performances from AI semiconductor companies [2] Sector Performance - Technology, healthcare, and industrial sectors emerged as leading performers, reflecting investor confidence in growth-oriented technology firms and defensive healthcare plays [3] - The Energy, Consumer Discretionary, and Consumer Staples sectors lagged in performance during afternoon trading [3] Upcoming Events - The Federal Reserve's FOMC meeting is a key event, with a widely expected 25 basis-point interest rate cut to a range of 3.75% to 4.00% [4] - Investors are particularly focused on Federal Reserve Chair Jerome Powell's press conference for guidance on future rate cuts [4] Corporate Earnings - UPS reported robust Q3 earnings of $1.74 per share, leading to an 11% surge in its stock [8] - PayPal experienced a significant rally with a 12.6% positive earnings surprise and a 2% beat on quarterly sales [9] - QUALCOMM's stock jumped 11.1% after unveiling a new AI chip, highlighting investor enthusiasm for AI advancements [10] - VSee Health Inc. saw a remarkable 199.6% surge after announcing a multi-year teleradiology contract expected to double its annual revenue [12] Notable Company Movements - Alliance Resource Partners L.P. and Daqo New Energy Corp. reported strong Q3 results, with stock increases of 4.1% and 14.1%, respectively [10] - Keurig Dr Pepper Inc. climbed 7.6% after surpassing revenue forecasts [10] - Revvity Inc. and Sysco Corp. faced declines in their stock prices due to disappointing earnings results [11] Future Expectations - Investors are awaiting earnings reports from major tech companies, including Microsoft, Meta Platforms, and Alphabet, which are expected to provide critical insights into cloud growth and AI spending [13] - The ongoing earnings season and developments in US-China trade talks are anticipated to shape market trajectory in the coming days [14]