US stocks opened higher on Wednesday as Wall Street maintained an upbeat sentiment, with Nvidia becoming the first company to hit the $5 trillion valuation.
Summary
- Nvidia stock jumped more than 5% to see the tech giant become the world’s first $5 trillion company.
- Wall Street’s uptick saw Nasdaq hit a new high and Dow Jones Industrial Average jump 250 points in early session deals.
- The market is awaiting Big Tech earnings reports and U.S. Federal Reserve’s interest rates decision.
After the major indexes edged to record highs on Tuesday, fueled by Nvidia, Microsoft and OpenAI, stocks continued higher.
On October 29, 2025, with several Big Tech earnings reports on the deck, the Dow Jones Industrial Average added 250 points in early trading and benchmark index S&P 500 climbed 0.3% as it held above 6,900. Meanwhile, tech-heavy Nasdaq Composite jumped 0.6% to hit a fresh record high.
Nvidia is first company to $5 trillion valuation
The upbeat mood on Wall Street aligns with investor expectations.
Mainly, its down to top U.S.-based tech giants Microsoft, Google parent Alphabet and Meta – all report respective quarterly earnings after markets close on Oct. 29. Analysts expect solid numbers and great forecasts for the sector, noting AI will buoy bulls.
Amid this anticipation, shares of Nvidia popped more than 5% to elevate the AI chip giant to the record of world’s first company to hit and surpass the $5 trillion market value. Nvidia hit this threshold as its stock rocketed past $211 on Wednesday.
The gains see Nvidia stock’s gains notch over 52% year-to-date and over 93% in the past six months.
Nvidia pumps ahead of Fed decision
A major economy related event on Wall Street this week is the Federal Reserve meeting that ends on Oct. 29.
Fed chair Jerome Powell is expected to announce the central bank’s policy decision later at 2pm ET, following the conclusion of the two-day FOMC meeting. Overall, market expectations lean strongly towards a 25 basis point interest rate cut. This should mark a second consecutive rate cut by the Fed, with sentiment also highly in favor of another reduction in the benchmark rate in December.
While the ongoing government shutdown has a few in jittery mode, Wall Street looks to have shrugged the halt. Notably, the release of the US consumer price index inflation data last week marked a partial lift of the economic data blackout.
The gains across Wall Street extend this week’s bullish run, the latest positive outlook aligning with trade talks, Big Tech earnings and a highly anticipated U.S. Federal Reserve rate decision.
Elsewhere in the market, oil prices rose amid optimism around the U.S.-China trade talks and gold traded at $4,027 an ounce. Cryptocurrencies were largely subdued with Bitcoin (BTC) around $112,700 and Ethereum (ETH) below $4,000.
