Wall Street: Nasdaq up about 1.2% in Tuesday trading as chip stocks rise; Fed meeting begins

US stocks were higher on Tuesday 27 October, led by semiconductor and other AI-related shares, as the Federal Reserve began a two-day policy meeting. The session closes at 20:00 GMT and was still under way at the time of writing.

As of 17:51 GMT, the Nasdaq Composite was up 1.19% at 26,480.86 and the S&P 500 was up 0.61% at 7,723.85, according to Yahoo Finance data. The Dow Jones Industrial Average was up 0.05% at 52,388.27. The Philadelphia Semiconductor Index was up 3.4%, and Broadcom shares were up about 4.2%.

CNBC reported that AI infrastructure stocks were helped by Anthropic’s preliminary filing on Monday to go public and by a separate agreement among lenders to finance Anthropic’s purchase of $63 billion of Broadcom technology. Nvidia said it would invest $3 billion in Meta’s share offering.

Among companies reporting results, Boeing fell about 9% after a wider-than-expected quarterly loss, CNBC reported. SoFi Technologies rose about 15% and Royal Caribbean about 8% after raising their full-year forecasts, while UPS, PayPal and Cadence Design Systems also gained after their results. Xylem fell almost 12% after cutting its forecast. Yahoo Finance reported that Coca-Cola’s results were better than expected.

The Fed’s interest rate decision is due on Wednesday. Yahoo Finance reported that markets were pricing in about a 10% chance of a rate rise, according to CME Group data. Alphabet and Microsoft report quarterly results on Wednesday.

See also: Monday’s chip-led rally and Boeing’s third-quarter results.