01:55 PM EDT, 10/29/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets awaited the Federal Reserve's monetary policy decision and mega-cap technology earnings.

The Nasdaq Composite was up 0.5% at 23,937.9 after midday Wednesday, while the Dow Jones Industrial Average rose 0.3% to 47,845.3. The S&P 500 added 0.2% to 6,901. The three indexes closed at fresh record highs in the previous session.

Among sectors, energy paced the gainers intraday, while real estate saw the steepest decline.

The central bank is scheduled to announce its decision on its benchmark lending rate at 2 pm ET, while Fed Chair Jerome Powell's press conference in slated for 2:30 pm.

Markets widely expect the Federal Open Market Committee to cut interest rates by 25 basis points, following a similar move last month, according to the CME FedWatch tool.

"With an economy running at 3% and inflation elevated above 3%, one has to question the Fed's motivation, or at the very least, the sense of urgency to reduce policy further," Stifel said in a note. "Highlighting the divide between those (Fed) officials concerned about still-elevated inflation and those concerned about weakness in the labor market, there could be one or a number of dissents if the Fed does vote to move forward with another cut today."

US Treasury yields were higher intraday, with the 10-year rate up 2.7 basis point at 4.01% and the two-year rate gaining 2.2 basis points to 3.52%.

Tech giants Microsoft ( MSFT ) , Google ( GOOG ) parent Alphabet (GOOG, GOOGL) and Facebook and WhatsApp parent Meta Platforms ( META ) are scheduled to report their latest quarterly financial results after the closing bell Wednesday. Apple ( AAPL ) and Amazon.com ( AMZN ) are slated to report Thursday.

In company news, Nvidia ( NVDA ) shares were up 2.8% intraday, helping the US chipmaking giant's market capitalization reach $5 trillion, the first company to achieve that milestone. Nvidia ( NVDA ) was the second-best performer on the Dow intraday.

Caterpillar's ( CAT ) third-quarter results topped market estimates amid revenue gains across three of its main segments. The heavy equipment manufacturer's shares surged 12%, the top gainer on the Dow and among the best S&P 500 performers.

Boeing ( BA ) saw the steepest decline on the Dow, down 4.2%, after the plane maker booked a $4.9 billion charge tied to 777X program delays, bloating its third-quarter loss.

West Texas Intermediate crude oil was up 0.8% at $60.62 a barrel. "Oil prices climbed amid a drop in US crude inventories and improving US-China (trade) sentiment," D.A. Davidson said in a note.

US President Donald Trump is scheduled to meet with his Chinese counterpart, Xi Jinping, in South Korea Thursday.

The two leaders expect to achieve "a good deal" for their countries, Reuters reported Wednesday, citing Trump.

In economic news, pending home sales in the US were flat on a monthly basis in September even as mortgage rates reached a one-year low, the National Association of Realtors said.

"Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the (ongoing US federal) government shutdown could temporarily slow home sales activity," NAR Chief Economist Lawrence Yun said.

The shutdown has now entered its 29th day. The Senate was not scheduled to vote on a House-passed bill to reopen the government Wednesday, CBS News reported. Senators will next vote Thursday, Senate Majority Leader John Thune reportedly said.

Gold was up 0.5% at $4,002.10 per troy ounce, while silver rose 1% to $47.80 per ounce.