04:22 PM EDT, 08/27/2025 (MT Newswires) -- US equity indexes rose on Wednesday, with the S&P 500 making a new record intraday, ahead of bellwether Nvidia's ( NVDA ) Q2 results post-bell.

The Dow Jones Industrial Average climbed 0.3% to 45,565.23, the S&P 500 advanced 0.2% to 6,481.40, and the Nasdaq Composite was 0.2% higher at 21,590.14. Energy was the top gainer intraday, followed by technology and real estate.

Nvidia ( NVDA ), a benchmark for artificial-intelligence related industries, is expected to report non-GAAP earnings of $1.01 per share and revenue of $46.05 billion for fiscal Q2, according to analysts surveyed by FactSet.

"Expectations are high after a rapid run in (artificial intelligence) spending," Ruben Dalfovo, investment strategist at Saxo Bank, said in a Tuesday note. "Nvidia ( NVDA ) is now the largest weight in the S&P 500 at roughly 8%, so its guidance can sway broad portfolios."

Treasury Secretary Scott Bessent told Fox Business News on Wednesday that the Fed needs to be subject to internal review, using the recent allegations against Fed Governor Lisa Cook as evidence that there are trust issues with the Fed.

New York Fed President John Williams (voter), in an interview with CNBC, highlighted the need for central bank independence to maintain low inflation and economic stability.

Williams said that the economy remains strong and that he expects the Federal Open Market Committee to lower the target for the federal funds rate over time, but did not comment on whether the first rate cut could come at the Sept. 16-17 meeting, instead saying that he is open to a rate reduction when the data allow.

"President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so...I will not resign," Fed Governor Lisa Cook was cited as saying in a Stifel note Wednesday. "I will continue to carry out my duties to help the American economy as I have been doing since 2022."

Cook will file a lawsuit to prevent Trump from firing her, several media outlets reported Tuesday, citing Cook's lawyer. The Fed reportedly said Tuesday that it would respect any court ruling on Trump's authority to dismiss Cook.

Meanwhile, West Texas Intermediate crude oil futures jumped 1% to $63.88 a barrel.

Excluding inventories in the Strategic Petroleum Reserve, US commercial crude oil stocks fell by 2.4 million barrels in the week ended Aug. 22 after a 6 million barrel decline in the previous week, versus the 2 million barrel decrease expected in a survey compiled by Bloomberg.

In company news, UBS Securities upgraded Albemarle (ALB) to neutral from sell, with a price target of $89. Shares of Albemarle were up 7.5%, the top performer on the S&P 500.

Paramount Skydance (PSKY) shares dropped 6.5%, the steepest decline on the S&P 500, after Morgan Stanley cut its price target on the company to $10 from $12 while keeping the underweight rating.

J.M. Smucker's (SJM) fiscal Q1 results fell more than the Street's expectations year over year. Its shares declined 4.4%, among the worst performers on the S&P 500.

In economic news, mortgage applications fell by 0.5% in the week ended Aug. 22 on a decline in refinancing applications that was partially offset by an increase in purchase applications, according to Mortgage Bankers Association data released Wednesday. This followed a 1.4% decrease in overall activity in the previous week.