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Indexes up: Dow 0.41%, S&P 500 0.05%, Nasdaq 0.37%

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Apple ( AAPL ) crosses $4 trillion in market cap for the first time

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Microsoft ( MSFT ) advances after OpenAI restructure deal

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Nvidia ( NVDA ) gains after Trump says he will meet CEO

(Updates after markets open)

By Johann M Cherian and Twesha Dikshit

Oct 28 (Reuters) -

Wall Street's three main indexes touched record highs again

on Tuesday, with the Nasdaq gaining the most thanks to boosts

from Microsoft ( MSFT ) and Apple ( AAPL ) in a week packed with earnings from

U.S. heavyweights.

Microsoft ( MSFT ) jumped 2.8% after reaching a deal that

allows OpenAI to restructure into a public benefit corporation

while giving Microsoft ( MSFT ) a stake of 27% in the ChatGPT maker.

Apple ( AAPL ) shares crossed $4 trillion in market value

for the first time earlier in the day, hitting a record high

before easing to trade flat. Strong demand for the latest iPhone

models have allayed fears over its slow progress in the AI race.

Megacaps Microsoft, Alphabet, Apple ( AAPL ),

Amazon ( AMZN ) and Meta are scheduled to report

results later in the week with investors scrutinizing any

AI-related updates to justify high valuations and hefty

investments.

On Tuesday, global economy bellwether United Parcel Service ( UPS )

climbed 7.6% after forecasting fourth-quarter revenue

above Wall Street expectations. Rival FedEx ( FDX ) added

1.4%.

Of the 143 companies in the S&P 500 that reported earnings

last week, around 87% beat analyst estimates, according to LSEG

data.

"The earnings are coming in much better than expected and

the guidance is actually coming in fairly good as well, and

that's helping support the market during the government shutdown

and all the tariff talk," said Robert Pavlik, senior portfolio

manager at Dakota Wealth.

At 10:03 a.m. ET, the Dow Jones Industrial Average

rose 194.62 points, or 0.41%, to 47,739.21, the S&P 500

gained 3.36 points, or 0.05%, to 6,878.52 and the Nasdaq

Composite gained 87.10 points, or 0.37%, to 23,724.56.

The S&P 500 tech index led gains, with AI

bellweather Nvidia ( NVDA ) adding 0.9% after U.S. President

Donald Trump said he would meet CEO Jensen Huang.

The U.S. government has been shut down for nearly a month,

delaying crucial economic data and forcing traders to rely on

private releases and corporate announcements.

Wall Street futures had moved higher after a preliminary

estimate of an

ADP National Employment Report

showed the U.S. economy added an average of 14,250 jobs in

the four weeks ending October 11.

Investors also scrutinized layoff reports from companies

including Amazon ( AMZN ), Paramount and United Parcel

Service ( UPS ).

Fed officials will meet later in the day to discuss interest

rates and plans to end the central bank's "quantitative

tightening" policy. Its verdict on interest rates is due to be

announced on Wednesday.

Markets are now pricing in expectations that the U.S.

central bank will lower borrowing costs by 50 basis points by

the year-end.

Among others, UnitedHealth ( UNH ) raised its annual profit

forecast. Shares were last flat in choppy trading.

PayPal ( PYPL ) surged 10.6% after it announced a

partnership with OpenAI to allow ChatGPT users to buy products

using the payment firm's platform.

Royal Caribbean Group slid 8.6% after a

disappointing fourth-quarter profit forecast. JetBlue Airways ( JBLU )

shares slumped 12.5% after posting a lower profit for

the quarter.

Alexandria Real Estate fell 15.4% after forecasting

annual adjusted funds from operations below expectations. That

weighed on the S&P 500 real estate index, sending it

down 1.8%.

Declining issues outnumbered advancers by a 2-to-1 ratio on

the NYSE. Declining issues outnumbered advancers by a 1.87-to-1

ratio on the Nasdaq.

The S&P 500 posted 19 new 52-week highs and 10 new lows

while the Nasdaq Composite recorded 42 new highs and 47 new

lows.

(Reporting by Johann M Cherian and Twesha Dikshit in Bengaluru;

Editing by Pooja Desai and Devika Syamnath)