12:21 PM EDT, 10/29/2025 (MT Newswires) -- US equity indexes were again setting new records by midday Wednesday, ahead of a widely anticipated interest-rate cut and as Nvidia ( NVDA ) surpassed $5 trillion in market capitalization.

The Nasdaq Composite rose 0.6% to 23,960.65, after hitting a record 24,019.99 earlier in the session. The S&P 500 was up 0.2% to 6,906.31, also scaling a new peak of 6,920.34 intraday. The Dow Jones Industrial Average climbed 0.5% to 47,955.01, after posting an all-time high of 48,040.64 intraday. All three mainstream gauges have hit new highs in the past three consecutive sessions.

Technology and energy led the gainers intraday. Utilities, consumer staples, and financials were among the steepest decliners.

The Fed is widely expected to cut interest rates by 25 basis points, according to the CME FedWatch Tool. Investors will also look out for Fed Chair Jerome Powell's comments on the path ahead for policy in a press briefing following the policy announcement. Currently, the probability of another rate reduction of the same magnitude in December is 85%.

"That tonal balancing is likely to be conveyed in Jay Powell's press conference, which may sound 'hawkish' to listeners that have been inculcated into the narrative of a Fed that is prepared to cut aggressively well into 2026," Macquarie said in a note.

Treasury yields were mixed, with the two-year yield steady at 3.5% while the 10-year rate rose 1.4 basis points to 4%.

Meanwhile, Nvidia's ( NVDA ) shares rose 3.8%, building on the previous day's momentum amid media reports that President Donald Trump could discuss the firm's Blackwell artificial intelligence chip with his Chinese counterpart, Xi Jinping, during the duo's meeting on Thursday. Nvidia ( NVDA ) Chief Executive Jensen Huang said Tuesday that orders worth more than $500 billion have been secured for the company's AI chips through the end of 2026.

West Texas Intermediate crude oil futures rose 1.2% to $60.89 a barrel.