*

Indexes up: Dow 0.31%, S&P 500 0.54%, Nasdaq 0.61%

*

USA Rare Earth ( USAR ) jumps after reports of govt taking a 10%

stake

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Gold, Silver at record highs, lifting mining shares

*

CoreWeave ( CRWV ) advances on Nvidia ( NVDA ) investment

*

Airline stocks fall as winter storm forces flight

cancellations

(Updates with analyst comment, early afternoon prices)

By Pranav Kashyap and Twesha Dikshit

Jan 26 (Reuters) - The S&P 500 and Nasdaq climbed to

their highest levels in more ‌than a week on Monday, as investors

geared up for a slew of mega-cap earnings and a closely watched

Federal Reserve decision.

Both indexes extended gains for a ​fourth consecutive

session, putting them on track for their longest winning streak

in over a month.

Gains in a handful ‍of mega-cap names did most of the heavy

lifting for the S&P 500, with ⁠Apple and Meta

adding over 2% ⁠each. Alphabet, Broadcom ( AVGO ) and

Microsoft ( MSFT ) rose over 1.5% each.

Apple ( AAPL ) and Meta, along with Microsoft ( MSFT ) and Tesla, are

slated to report quarterly results later this week, ‌setting up a

key test for a rally powered by ​a euphoria around AI.

Investors will look for signs of measurable payoffs from AI

spending. With concerns over high valuations in the tech space,

guidance will be especially important and even a modest ⁠stumble

could spark a rethink about the AI trade.

"This week's ‍lineup of ​megacap earnings should help shape

sentiment around the AI trade and the still-struggling tech

sector, but Wednesday's Fed announcement will likely keep

politics in the headlines," said Chris Larkin at E*Trade from

Morgan Stanley.

Last week, Trump ‍dialed down tariff threats against the

European Union over the Greenland dispute, giving some relief

for markets.

Of the 64 companies in the S&P 500 that have reported

earnings as of Friday, 79.7% beat analyst expectations as per

data compiled by LSEG.

At 11:23 a.m. ET, the Dow Jones Industrial Average

rose 150.71 points, or 0.31%, to 49,249.42, the S&P 500

gained 37.57 points, or 0.54%, to 6,953.22 and the Nasdaq

Composite gained 142.59 points, or 0.61%, to 23,643.83.

Intel ( INTC ) shares continued ​to slide, ‍down 5%, following

its steepest drop in nearly 18 months on Friday after it

forecast quarterly profit and revenue below estimates.

Meanwhile, airlines stocks dropped due to mass disruptions

in flight schedules after a massive ​winter storm hit the eastern

United States. United Airlines fell 1.2% while JetBlue ( JBLU )

lost 2.8%.

The S&P 500 materials sector were among the best

performers, as Gold vaulted to a record high above $5,000 an

ounce, boosting names such as Gold Fields and Harmony

Gold.

FEDERAL RESERVE RATE DECISION

The Federal Reserve kicks off its two-day meeting on

Tuesday, with investors largely expecting officials to keep

rates unchanged.

The decision risks being eclipsed by fresh questions over

the central bank's independence after the Justice Department

opened a probe into Chair Jerome Powell this month, and ​Trump

said a pick for the next Fed chair could come soon.

Shares of USA Rare Earth ( USAR ) jumped 11% after reports

the U.S. administration was taking a 10% stake in the miner as

part of a $1.6 billion debt-and-equity investment package.

Among other stock moves, CoreWeave ( CRWV ) jumped 8.6%

after Nvidia ( NVDA ) said it ‍would invest $2 billion in the

cloud infrastructure firm.