05:08 PM EDT, 10/08/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 hit record highs on Wednesday as investors digested minutes from the Federal Reserve's September meeting.

The tech-heavy Nasdaq closed 1.1% higher at 23,043.4, while the S&P 500 rose 0.6% to 6,753.7. The Dow Jones Industrial Average ended flat at 46,601.8. Most sectors advanced, led by technology, while energy led the decliners.

Most of Fed officials indicated last month that it would be appropriate to further lower interest rates later this year amid growing concerns around the labor market, according to the central bank's September meeting minutes released on Wednesday.

"Participants expressed a range of views about the degree to which the current stance of monetary policy was restrictive and about the likely future path of policy," the minutes showed. "Most judged that it likely would be appropriate to ease policy further over the remainder of this year."

Almost all participants indicated that with the September rate cut, the Federal Open Market Committee was well positioned to respond to potential economic developments, though some called for "a cautious approach," citing financial conditions that suggest monetary policy may not be particularly restrictive, according to the document.

Markets widely expect the FOMC to deliver a 25-basis-point rate cut later this month, according to the CME FedWatch tool.

US Treasury yields were mixed, with the 10-year rate little changed at 4.13% and the two-year rate rising 1.9 basis points to 3.60%.

Spot gold was up 1.5% at $4,043.47 per troy ounce in recent Wednesday trade, crossing $4,000 for the first time and joining gold futures that achieved the same milestone on Tuesday.

"Gold has staged a historic rally, doubling in less than two years, spurred by central bank buying as it diversifies away from the US dollar, President Donald Trump's aggressive trade policy, and conflicts in the Middle East and Ukraine," ING Bank said in a Wednesday report.

Silver jumped 2.1% to $48.51 per ounce.

A US federal government shutdown entered its eighth day. The Senate once again couldn't pass Republicans' stopgap funding bill on Wednesday, CNN reported.

West Texas Intermediate crude oil was up 1.1% at $62.39 a barrel in Wednesday late-afternoon trade.

US commercial crude stockpiles rose more than expected last week, Energy Information Administration data showed Wednesday.

On Sunday, eight members of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+, said that they will raise combined production by 137,000 barrels per day next month. That's lower than expected in what is seen as an oversupplied oil market.

"Crude oil trades higher, supported by short-covering after last week's sell-off, even as rising OPEC+ output and a fresh EIA upgrade to US production stoke fears of a growing glut into 2026," Saxo Bank said in a report Wednesday.

In company news, Advanced Micro Devices ( AMD ) jumped 11%, the biggest gainer on the S&P 500, while Nvidia ( NVDA ) rose 2.2%, the second best performer on the Dow. Wedbush Securities said in a Wednesday client note that its checks indicate a "very strong" earnings season for the broader tech space.

AST SpaceMobile ( ASTS ) agreed to provide its direct-to-cellular service to telecommunications giant Verizon Communications' ( VZ ) customers from next year. AST's shares jumped 8.6%, while Verizon fell 0.2%.

TopBuild ( BLD ) shares surged 10% after the company said it acquired mechanical, building and spray foam insulation products supplier Specialty Products and Insulation in a deal worth $1 billion in cash.

Live Nation Entertainment ( LYV ) shares were down 3.5%, among the steepest drops on the S&P 500, after the company said it is offering $1.3 billion of convertible senior notes due 2031.