Stock market today: S&P 500 slips from record as Fed stands pat, Nasdaq rises before Big Tech earnings flurry

Market Overview - US stocks remained relatively unchanged following the Federal Reserve's decision to keep interest rates steady in a range of 3.5% to 3.75% [2] - The S&P 500 briefly surpassed the 7,000 mark for the first time before slipping slightly from its record [1] - The Nasdaq Composite increased by 0.2%, while the Dow Jones Industrial Average showed little movement [1] Federal Reserve Insights - The Federal Reserve's decision was made with a 10-2 vote, with dissent from Governors Chris Waller and Stephen Miran advocating for a 25 basis point cut [2] - Market expectations indicate potential for two quarter-point rate reductions by the end of 2026, as per CME FedWatch [2] Currency and Economic Concerns - The recent decline in the US dollar raised concerns about a possible economic downturn, although the dollar rose after hitting its lowest level since 2022 [3] - President Trump's dismissal of the dollar's drop coincided with ongoing political tensions surrounding the Federal Reserve [4] Technology Sector Developments - ASML experienced a record surge in orders for its chipmaking machines, fueling optimism for sustained growth in the AI sector [5] - Despite ASML's shares declining, companies like Nvidia and TSMC, which depend on ASML's technology, saw positive momentum [5] Upcoming Earnings Reports - Major tech companies, including Microsoft and Meta Platforms, are set to report earnings, having heavily invested in AI-focused data centers supported by ASML's chips [6] - These earnings reports will precede Apple's quarterly update scheduled for Thursday [6]