Stock market today: Dow rises, S&P 500 and Nasdaq steady as Wall Street braces for Fed decision

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nudged about 0.1% lower. The Dow Jones Industrial Average (^DJI) moved up nearly 0.4%. The moves come after the major US gauges ended Tuesday little changed.Investors are keeping their powder dry in anticipation that the Fed will start the switch to easing, a move hinted at last month by Chair Jerome Powell. A labor market slowdown is expected to convince policymakers to pivot toward rate cuts, despite an uptick in inflation. Traders are pricing in a 96% chance of a 25 basis point cut and a 4% chance of a bigger move when the decision arrives at 2:00 p.m. ET.The bigger question for Wall Street is how many more cuts could be on the way. The hunt for clues will focus on the "dot-plot" of predictions from each Fed official, as well as on Powell's remarks at a press conference 30 minutes after the rate announcement.The decision comes amid growing concerns over the central bank's independence. While President Trump has lambasted Powell, he may soon be able to exert more direct influence over policymakers. The Senate confirmed his nominee to the Fed on Monday, enabling Stephen Miran to vote this week. At the same time, Lisa Cook took part in the policy decision after an appeals court rebuffed Trump's attempt to oust the Fed governor.On other fronts, MBA data showed the interest rate on a 30-year mortgage sank to its lowest since October 2024, while refinancing applications spiked almost 60% to their highest since March 2022.On the corporate front, China has told its biggest tech companies including Alibaba not to buy the Nvidia (NVDA) AI chip tailor-made for the country, effectively banning tens of thousands of orders, the Financial Times reported. Nvidia shares slipped 2.2%.General Mills (GIS) quarterly sales topped estimates, but shares slipped after the Cheerios maker warned of a challenging consumer backdrop. Also on tap, Cracker Barrel (CBRL) results are in focus following controversy over its now-abandoned logo change.LIVE 14 updates26 mins agoLaura BrattonNvidia stock extends decline amid AI chip ban in ChinaNvidia (NVDA) shares fell 2% after the market open on Wednesday, as investors weighed a Financial Times report that Chinese authorities told leading tech companies in the country not to use Nvidia's AI chips."The decision underscores Beijing’s push to cut reliance on US semiconductors amid intensifying AI competition with the US and the promotion of domestic chip and tool utilization," Hedgeye Risk Management analyst Felix Wang wrote in a note after the news.China's internet regulator told companies to halt orders of the RTX Pro 6000D, which Nvidia custom-made for customers in the country.Nvidia CEO Jensen Huang has repeatedly stressed the importance of the Chinese AI market, what he sees as a rapidly growing $50 billion market opportunity.The exec lobbied the Trump administration to lift a US ban on exports of its lower-power H20 chips to China this summer in an unprecedented deal that involved Nvidia sharing its revenue from those sales with the government. Huang said in August that Nvidia is working on a less powerful version of its Blackwell chips for China.But Huang told reporters during a briefing in London on Wednesday: “I think that we could only be in service of a market if the country wants us to be.”“I’m disappointed with what I see, but they have larger agendas to work out, you know, between China and the United States, and I’m understanding of that, and we’re patient about it," he added.56 mins agoLaura BrattonDow rises, S&P 500 and Nasdaq stall at the openUS stocks opened mostly steady on Wednesday as investors awaited the Federal Reserve's decision on interest rates this afternoon — which is expected to bring the central bank's first rate cut of 2025.The S&P 500 (^GSPC) rose less than 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) nudged nearly 0.1% lower. The moves come after the indexes eased from record highs on Tuesday.The Dow Jones Industrial Average (^DJI) moved up nearly 0.4%.Today at 1:18 PM UTCLaura BrattonLyft jumps 15% on Waymo partnershipLyft (LYFT) shares jumped as much as 30% in premarket trading Wednesday after the ride hail company and Uber (UBER) rival said it's partnering with Alphabet-owned (GOOG, GOOGL) robotaxi firm Waymo to offer self-driving cabs in Nashville in 2026.“We’re delighted to partner with Lyft and launch in Nashville next year, as we continue to scale our Waymo ride-hailing service to more people in more places,” Waymo co-CEO Tekedra Mawakana said in a statement Wednesday.Waymo is in expansion mode: the company on Tuesday said it obtained a permit to test its driverless taxis at the San Francisco International Airport, and its cabs are already available in the city of San Francisco, Phoenix, Los Angeles, Austin and Atlanta.Uber shares fell 4% on news of the Waymo-Lyft partnership. Lyft shares pared initial gains, up 15% shortly before the market open.Today at 12:07 PM UTCJenny McCallGood morning. Here's what's happening today.Today at 11:30 AM UTCKaren FriarRetail spending is starting to look more and more like the labor marketYahoo Finance's Hamza Shaban takes a hard look at the state of American consumer spending in today's takeaway from Morning Brief.The question of who is doing the spending powering the US economy has taken on greater importance as talk of a slowdown grows, he notes:Read more here.Today at 11:06 AM UTCJenny McCallPremarket trending tickers: WorkDay, WBD and AlibabaWorkDay (WDAY) stock rose 7% before the bell on Wednesday after announcing it plans to acquire Swedish AI company Sana in a deal worth around $1.1B. Activist investor Elliott Management said on Tuesday it has built a stake of more than $2 billion in Workday, while voicing support for the company's leadership.Warner Bros Discovery (WBD) stock fell 2% in premarket trading on Wednesday. This follows the news last week from the Wall Street Journal that Paramount Skydance (PSKY) is preparing a majority-cash bid for the media conglomerate.Alibaba's (BABA) stock rose on Wednesday before the bell after news broke that it had secured a high-profile customer in China Unicom (0762.HK) for its AI chips.Today at 11:01 AM UTCChina bans tech companies from buying Nvidia’s AI chipsNvidia's (NVDA) stock came under pressure before the bell, thanks to a Financial Times report that Beijing has told Chinese tech giants not to use its AI chips.Shares of the AI leader slid 1.5% in the wake of the report, which cited three unidentified source.The FT reports:Read more here (premium).Today at 10:36 AM UTCKaren FriarStubHub raises about $800 million in IPO, starts trading todayStubHub (STUB) is set to begin trading on the NYSE on Wednesday after the ticket reseller's IPO gave it a valuation of $8.6 billion.It sold 34.04 million shares priced within the anticipated range at $23.50 piece, setting the stage for its long-awaited stock market debut.Reuters reports:Read more here.Today at 10:15 AM UTCKaren FriarInvestors haven't been this bullish on stocks since FebruaryBank of America's latest Global Fund Manager Survey suggested that Wall Street fund managers are piling back into stocks, even as the economic backdrop turns shakier.Yahoo Finance's Allie Canal reports:Read more here.Today at 9:46 AM UTCKaren FriarChina tech stocks jump to 4-year high amid AI boomA rapid rally in Chinese tech stocks accelerated on Wednesday as renewed bets on artificial intelligence sent the Hang Seng Tech Index (HSTECH.HK) to its highest level in nearly four years.The index, which tracks Hong Kong's tech giants, advanced 4.3% to reach its highest close since November 2021. Baidu (BIDU, 9888.HK) led the gains, up 16%, as shares of Alibaba (BABA, 9988.HK), SMIC (0981.HK), and JD.com (JD, 9618.HK) also jumped.Bloomberg reports:Read more here.Today at 9:30 AM UTCBrian SozziMeeting takeaway: Eric Trump on cryptoI spent some time with first son Eric Trump and one of his crypto partners Asher Genoot of Hut 8 at Trump Tower on Tuesday afternoon. A large chunk of that time was devoted to all things crypto, naturally.Besides being President Trump's son and EVP of the Trump Organization, Eric is also the co-founder of the newly public crypto miner American Bitcoin (ABTC). Genoot's Hut 8 — where he is CEO — provides the infrastructure (power, back office services, etc.) that allows American Bitcoin to mine bitcoin (BTC-USD).I'll have a story out from this meeting on Yahoo Finance later today. But the one thing I haven't appreciated enough with the crypto story is how global and institutional it's becoming.Sure, it's one thing to read a press release from BlackRock (BLK) saying it's trying to do more in the space. It's something else entirely to sit next to ultimate crypto insiders (Trump and Genoot in this case) and hear them walk you through the sovereign wealth funds plowing into various crypto investments."Every person I know is trying to buy bitcoin," Trump told me.And I believe him.If you are thinking that crypto is still all about retail traders buying with one eye closed, hoping another crypto winter is coming, you are missing the narrative that has helped propel the space in 2025 ... and will likely do so in 2026.Today at 9:17 AM UTCBrian SozziDeutsche Bank on gold: Headed to $4,000Deutsche Bank is staying bullish on gold (GC=F) despite an almost 40% surge this year.Strategist Michael Hsueh released a $4,000 per target for the price of gold in 2026 this morning.His thesis:Today at 4:01 AM UTCRian HowlettAsian shares mixed despite tariffs lowering as Wall Street pulls back from record highsMarkets across Asia were mixed overnight Tuesday following a reduction in tariffs on Japanese goods and high expectations about the impact of the Fed's rate cut on global trade.AP Finance reports:Read more here. Today at 2:34 AM UTCRian HowlettMicrosoft CEO-backed startup Groww to become first Indian IPO after relocation out of the USTechCrunch reports:Read more here. Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,601.09 -5.67 (-0.09%)Dow 3046,003.42 +245.52 (+0.54%)Nasdaq22,243.07 -90.89 (-0.41%)Russell 20002,420.71 +17.68 (+0.74%)VIX16.42 +0.06 (+0.37%)Gold3,718.10 -7.00 (-0.19%)PortfolioSign in to access your portfolioSign inTop gainersLYFT Lyft, Inc. 22.81 +2.61 (+12.95%)OPEN Opendoor Technologies Inc. 9.93 +1.01 (+11.33%)ROIV Roivant Sciences Ltd. 15.88 +1.69 (+11.95%)WDAY Workday, Inc. 238.27 +19.26 (+8.80%)PSN Parsons Corporation 80.75 +5.33 (+7.07%)Top losersQMMM QMMM Holdings Limited 81.15 -6.85 (-7.78%)GEMI Gemini Space Station, Inc. 26.04 -2.09 (-7.44%)MANU Manchester United plc 15.32 -1.10 (-6.67%)ARW Arrow Electronics, Inc. 119.22 -7.78 (-6.13%)ESLT Elbit Systems Ltd. 477.29 -30.66 (-6.04%)Most activeOPEN Opendoor Technologies Inc. 9.93 +1.01 (+11.33%)NVDA NVIDIA Corporation 170.63 -4.21 (-2.41%)NIO NIO Inc. 7.18 +0.16 (+2.28%)LYFT Lyft, Inc. 22.81 +2.61 (+12.95%)SKX Skechers U.S.A., Inc. 63.13 -0.07 (-0.11%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 170.55 -4.29 (-2.46%)NIO NIO Inc. 7.19 +0.16 (+2.35%)BABA Alibaba Group Holding Limited 164.93 +2.72 (+1.68%)BIDU Baidu, Inc. 131.31 +7.52 (+6.07%)RIVN Rivian Automotive, Inc. 14.49 +0.17 (+1.19%)Top economic events