U.S. equities climbed further ahead of the Federal Reserve’s policy meeting, with the S&P 500 rising 0.47% to notch its 25th record close of the year. The Nasdaq advanced 0.84%, marking its longest winning streak since 2003.
Tech gains were led by Alphabet, which jumped 4% to become the fourth company ever to reach a $3 trillion market capitalization, joining Apple, Microsoft and Nvidia in the elite group.
In commodities, gold surged to a fresh record of $3,678 an ounce, gaining $15 on the day, supported by strong central bank demand and declining U.S. yields.
The week’s Fed meeting comes against a tense political backdrop. The U.S. Court of Appeals rejected a bid to dismiss Fed Governor Lisa Cook, sending the case to the Supreme Court. Meanwhile, President Donald Trump and Treasury Secretary Scott Bessent renewed public pressure on the Fed to cut rates. Separately, the Senate confirmed Stephen Mian to the Fed’s Board of Governors, ensuring his participation in the upcoming decision.
Global markets traded largely steady Tuesday as investors awaited the outcome of the Fed’s meeting, where policymakers are widely expected to cut the benchmark rate by 25 bps and deliver fresh guidance on the pace of easing.