As the Federal Reserve kicked off its two-day policy meeting, Wall Street’s major indexes climbed higher, with the Dow Jones Industrial Average leading the charge. While investors braced for the central bank’s interest rate decision, chipmaker Nvidia’s unveiling of its latest AI offering further fuelled excitement in the growing artificial intelligence sector.

In a noticeable step back from their recent highs, both the S&P 500 and the Nasdaq Composite took a step back on Wednesday, indicating a decreasing enthusiasm in the tech sector, particularly marked by a decline in Nvidia shares.

In a noteworthy shift, global stock markets edged lower, marking a departure from the recent tech-driven highs that had pushed major indices to record levels. The S&P 500 and Nasdaq Composite experienced downturns, as the successful rally in technology stocks began to lose steam.

Wall Street saw a modest uptick with the S&P 500 and Nasdaq Composite climbing higher, hinting at investor optimism amid a complex backdrop of economic indicators and corporate news.

The stock market took a hit after a period of strong gains, countering the recent excitement around artificial intelligence and positive investor sentiment. Big tech companies, especially Apple, saw their stock prices fall, which dragged down the Nasdaq Composite.