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U.S. stocks experienced a significant upswing on Wednesday, largely buoyed by the robust performance of major tech companies, in anticipation of earnings reports from leading AI firms and a predicted rate pause by the Federal Reserve. The S&P 500 climbed by 0.4%, surpassing the 7,000 mark for the first time, while the Nasdaq 100 leaped 0.8% to reach a new record. The Dow Jones saw a slight increase as well. AI sector companies, key drivers of substantial equity index gains since last year, improved further following ASML's report of stronger-than-expected order volumes. Specifically, Broadcom and Nvidia each saw their stocks rise by 2%, and Texas Instruments jumped 6% following a favorable earnings report. Meanwhile, Microsoft, Meta, and Tesla traded positively in anticipation of their post-market earnings releases. Beyond the tech realm, Starbucks shares surged 6%, and 3M rose 3% after releasing their quarterly results. Concurrently, the Federal Reserve was expected to keep its federal funds rate steady for the first time this year, although any dissenting votes might illuminate the varying perspectives within the Federal Open Market Committee (FOMC).
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