S&P 500 Hits New Highs as Rally Resumes: Stock Market Today
Tech stocks were the biggest gainers on Wall Street today, with Nvidia and Dell making notable moves.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Stocks resumed their uptrend Wednesday as a rally in the technology sector offset any worries over the ongoing government shutdown. Nvidia (NVDA, +2.2%) was in focus after commentary from CEO Jensen Huang lifted the collective artificial intelligence (AI) spirits.
Speaking to CNBC, Huang said that "demand of computing has gone up substantially" in the past six months. He added that demand for Blackwell, the company's most advanced AI chip, "is really, really high."
Huang also said that Nvidia is involved in the latest funding round for Elon Musk's AI startup and that he's "super excited" about it. "Almost everything that Elon is part of, you really want to be part of as well," the CEO added.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
According to Bloomberg, Nvidia is set to invest $2 billion in xAI as it looks to raise $20 billion in capital.
On Tuesday, reports that Oracle (ORCL, +1.6%) is losing money on rentals of Nvidia's Blackwell chips caused the main indexes to close in the red.
Today, however, the tech-heavy Nasdaq Composite rose 1.1% to 23,043 and the broader S&P 500 added 0.6% to 6,753 – new record closing highs – while the blue-chip Dow Jones Industrial Average finished fractionally lower at 46,6011.
Dell soars on a major dividend commitment
Elsewhere in the tech space, Dell Technologies (DELL) popped 9.0% after the PC maker and technology solutions specialist unveiled updated financial targets on Tuesday.
The company now expects annual revenue growth of 7% to 9%, up from its previous target of 3% to 4%. It also anticipates annual earnings-per-share growth of 15% or better, an improvement over its prior forecast of 8% or better.
As for its dividend, the company committed to growing its payout by 10% or more annually through fiscal 2030 – extending its time frame by two years.
"Customers are hungry for AI and the compute, storage and networking we provide to deploy intelligence at scale," said chairman and CEO Michael Dell in the company's press release. "We're successfully translating that demand into growth and strong cash flow that we've largely returned to shareholders."
Dell's upwardly revised targets reflect "continued upward revisions in AI investment across the industry" and aim "to increase its overall PC and Storage market share," says Susquehanna International Group analyst Mehdi Hosseini.
The analyst adds that "DELL views AI as a key growth driver, contributing to revenue, cash flow, and $14.5 billion in shareholder returns, which represents 97% of adjusted free cash flow since the program's inception."
Fed officials split on rate cuts, minutes show
In economic news, Wall Street parsed through the minutes from the September Fed meeting to see where central bank officials stood on rate cuts.
Last month, the Federal Open Market Committee (FOMC) lowered the federal funds rate by a quarter-percentage point – its first cut of the year – on concerns over a weakening labor market.
"Almost all" FOMC members supported a quarter-point rate cut at this meeting, according to the minutes, while "around half expected an additional cut at the October meeting."
The FOMC minutes showed that committee members were split on whether there should be a total of two or three rate cuts this year.
Even with the government shutdown, which has delayed key economic data the Federal Reserve uses in its decision-making, CME Group FedWatch shows that futures traders are pricing in a 93% chance the central bank cuts rates by a quarter-percentage point at its meeting later this month.
The odds of another rate cut in December are currently at 78%.
For those wondering, the next Fed meeting, slated for October 28-29, will still go on as scheduled even if the shutdown continues through the end of the month. The Fed is an independent agency and is not impacted by the lapse in funding.
Related content
- Earnings Calendar and Analysis for This Week (October 6-10)
- How to Invest for Fall Rate Cuts by the Fed
- Should You Buy Gold as It Tops $4,000? Here's What the Experts Say
-
Tech Stocks Fuel Strong Start to the Week: Stock Market TodayThe blue-chip Dow Jones Industrial Average extended its run above 50,000 on Monday and there are plenty of catalysts to keep the 30-stock index climbing.
-
How to Derisk Your Portfolio in 2026: A Step-by-Step GuideSigns of a possible economic slowdown call for balanced derisking that locks in portfolio gains without sacrificing future upside. Here's a step-by-step guide.
-
Tariffs: An Uninvited Valentine's Day GuestExpect to pay more for flowers and chocolates this year or find creative alternatives to save on Valentine's Day without looking cheap.
-
Tech Stocks Fuel Strong Start to the Week: Stock Market Today
The blue-chip Dow Jones Industrial Average extended its run above 50,000 on Monday and there are plenty of catalysts to keep the 30-stock index climbing.
-
I'm a Financial Adviser: Here's How to Help Derisk Your Portfolio in 2026
Signs of a possible economic slowdown call for balanced derisking that locks in portfolio gains without sacrificing future upside. Here's a step-by-step guide.
-
Why the Next Fed Chair Decision May Be the Most Consequential in DecadesKevin Warsh, Trump's Federal Reserve chair nominee, faces a delicate balancing act, both political and economic.
-
The 5 Biggest Tax Mistakes New Retirees Make in the First 5 YearsMaking the wrong tax moves in the first few years of retirement can be costly for you and your heirs. These are the five biggest mistakes to avoid.
-
Inherited an IRA? Don't Fall Into the 10-Year Tax TrapRules on inherited IRAs have tightened, and most non-spouse beneficiaries must empty the pot in 10 years or face stiff penalties. That calls for an action plan.
-
I'm a Retirement Psychologist: This Is Why a Supportive Marriage May Matter More Than Money in RetirementIn retirement, health is as important as finance. And research shows people in supportive marriages have fewer issues with weight, metabolism and self-control.
-
How Money Guilt Holds Women Back (and How You Can Send It Packing)Women shouldn't let guilt limit the way they manage their hard-earned wealth. It's time to separate emotion from financial decision-making.
-
Making Sports Bets vs Investing in ETFs: A Lesson in Expected Returns From an Investing ProThe difference between sports betting and investing: One requires patience and diligence and has a positive long-term return, and the other is a zero-sum game.
