The main US stock market indices extended gains at open on Tuesday ahead of Fed's rate cut decision slated for Wednesday.
The S&P 500 rose 0.44% or 30 points to 6,728.78, tech-heavy Nasdaq Composite traded 0.34% higher at 22,450.77, and Dow Jones Industrial Average gained over 300 points to trade 0.70% higher at 47,275.32.
As of 10:04 a.m. EST, S&P 500 traded 0.68% higher at 6,744.82, Nasdaq rose 0.72% to 22,535.05, and Dow Jones traded nearly 1% higher at 47,399.29.
On Monday, President Donald Trump had once again urged ally nations like NATO to help in securing the Strait of Hormuz. Trump also pushed the Federal Reserve to cut repo rate, calling it the best time to slash the rate.
Shares of Nvidia Corp. rose after the bellwether chipmaker sealed a deal with auto companies such as BYD, Hyundai Motors, Nissan Motor, Geely and Isuzu Motors to expand its foray into the growing self-driving autoservice space.
ALSO READ: Nvidia Adds Hyundai Motor, BYD, Nissan Motor, Geely And More To Self-Driving Robotaxi Programme
Moreover, the Jensen Huang-led tech titan also forecasted at least $1 trillion in sales from its flagship AI processors through 2027, making analysts bullish. The stock traded 0.4% higher at $183.76 as of 9:50 a.m. EST.
The rest of the magnificent seven also remained in the green with major gains in Amazon.com Inc. which traded over 1% higher at $214.09. Meta Platforms Inc.'s stock was up 1.08% to $635.05, Apple Inc. traded 0.86% higher at $254.64, Microsoft Corp. rose 1.08% to $404.28, and Google-parent Alphabet Inc. traded 0.5% higher at $307.17.
After the market opened, all of the 11 sectoral indices traded in the green, with gains led by Finanicials sector, Consumer Discretionary sector, and Energy sector.
Crude oil prices rose again after easing on Monday. West Texas Intermediate traded 1.84% higher at $94.16 per barrel, while global benchmark brent crude was up 2% to $94.32 a barrel. Spot Gold prices also rose 0.11% to $5,012.26 an ounce.
The US dollar weakened against global currencies, with the spot index falling 0.2%. On the other hand, euro rose 0.3% to $1.1534, British pound rose 0.2% to $1.3349, Japanese yen rose 0.1% to 158.86 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.6% to $73,777.59.
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