Traders work on the floor of the New York Stock Exchange on January 29, 2024.

Spencer Platt | Getty Images

gave S&P 500 And the Nasdaq Composite closed at fresh records as Nvidia lifted tech stocks and investors awaited the Federal Reserve’s interest rate decision.

The broader market index rose 0.26 percent to close at 5,360.79, while Nasdaq Composite It ended up 0.35 percent at 17,192.53. gave Dow Jones Industrial Average Gained 69.05 points, or 0.18 percent, to end at 38,868.04.

Nvidia Shares rose about 0.8 percent as the stock was impacted by a 1-for-10 spud. Meta platforms The S&P 500 jumped nearly 2%, pushing the tech sector about 0.3% higher.

The Fed’s latest rate decision and May consumer price index are likely on Wednesday. Key tests for marketsEspecially the latter Friday’s strong jobs report It continued to suggest that the central bank could hold off on cutting rates.

Investors will analyze the timing and frequency of rate cuts through the Fed’s latest estimates. The market is now pricing in just one rate cut this year, due in November. According to the CME FedWatch tool.

But CFRA chief investment strategist Sam Stovall said inflation remained high, causing lingering concern among investors.

“To me, the big concern is that the Fed hasn’t gone far enough for a long time,” he told CNBC in a recent interview. “I think that’s going to keep us at least somewhat constrained, and probably keep the markets from going too far in the near term.”

In fact, over the next few weeks, Stovall sees the market pulling back at least 5% in a mild correction.

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