04:52 PM EDT, 10/28/2025 (MT Newswires) -- US equity indexes rose on Tuesday, with the mainstream benchmark gauges breaking records ahead of the Federal Reserve's highly anticipated policy easing and as gains accrued from quarterly earnings and corporate actions.

The Nasdaq Composite rose 0.8% to 23,827.49, with the S&P 500 up 0.2% to 6,890.89, and the Dow Jones Industrial Average 0.4% higher at 47,706.37. Technology, consumer discretionary, and materials were the gainers. Utilities and real estate led the decliners.

The Federal Open Market Committee is widely expected to cut interest rates to 3.75% to 4.00% from the current 4.00% to 4.25%, putting the focus on any changes to its post-meeting statement and comments from Federal Reserve Chairman Jerome Powell. Currently, the CME's FedWatch Tool showed a 97.8% chance of a 25-basis-point rate reduction. The FOMC statement following Wednesday's meeting is due at 2:00 p.m. ET, with Powell's press conference scheduled to begin at 2:30 p.m. ET.

Six stocks from the Magnificent-7 group rose on Tuesday, with Nvidia ( NVDA ) and Microsoft ( MSFT ) leading the pack of firms that individually have a market capitalization of more than $200 billion. Five Mag-7 members -- Microsoft ( MSFT ), Meta Platforms ( META ) , Alphabet (GOOGL, GOOG), Apple ( AAPL ) , and Amazon ( AMZN ) -- will report quarterly earnings on Wednesday and Thursday.

Apple ( AAPL ) briefly surpassed $4 trillion market capitalization on Tuesday ahead of its earnings the following day. Baird adjusted its price target for the iPhone maker's shares to $280 from $230, while maintaining its outperform rating.

PayPal ( PYPL ) lifted its full-year earnings outlook on Tuesday and announced a partnership with Microsoft ( MSFT )-backed OpenAI to integrate its payment system within ChatGPT. Shares of PayPal ( PYPL ) rose 3.9%, among the leaders on the Nasdaq.

Nvidia ( NVDA ) plans to make a $1 billion investment in Nokia ( NOK ) to acquire a 2.9% stake in the Finnish firm. "Nokia ( NOK ) and Nvidia ( NVDA ) have agreed to collaborate on AI networking solutions and explore opportunities to incorporate Nokia's ( NOK ) data center switching and optical technologies in Nvidia's ( NVDA ) future AI infrastructure architecture," according to a statement. Shares of Nokia ( NOK ) rose 23% and Nvidia ( NVDA ) closed 5% higher.

Meanwhile, United Parcel Service ( UPS ) reported Q3 non-GAAP earnings fell from a year ago but still beat expectations. The company's Q4 sales guidance outpaced consensus. It achieved $2.2 billion of cost savings over the past nine months. UPS shares advanced 8%, among the biggest outperformers on the S&P 500.

Regeneron Pharmaceuticals ( REGN ) shares jumped 12%, the biggest gainers on the S&P 500 and the Nasdaq, after the company reported Q3 non-GAAP earnings and revenue above expectations.

Skyworks Solutions ( SWKS ) shares jumped 5.8%, among the top gainers on the S&P 500, after posting preliminary fiscal Q4 results that exceeded estimates and announcing a merger with Qorvo (QRVO), creating a combined group with a market cap of $22 billion.

Most US Treasury yields fell, with the 10-year yield down 2.1 basis points to 3.98%.

West Texas Intermediate crude oil futures dropped 1.8% to $60.21 a barrel.