Meta Poached Apple's Ruoming Pang With Pay Package Over $200 Million

The Nasdaq Composite hit a fresh record high on Wednesday, fueled by a tech rally, as traders digested minutes of the Federal Reserve's latest monetary policy meeting.

The tech-heavy Nasdaq finished 0.9% higher at a new record close of 20,611.3. The S&P 500 rose 0.6% to 6,263.3, while the Dow Jones Industrial Average advanced 0.5% to 44,458.3 — both rebounding after two consecutive days of declines.

Most sectors ended in the green, led by utilities and technology, while consumer staples saw the biggest drop.

Fed officials last month offered mixed views on the monetary policy path ahead, with opinions ranging from "some reduction" in interest rates this year to no cuts at all, minutes from the central bank's June 17-18 meeting showed Wednesday.

"Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate" amid expectations that price pressures from tariffs may be temporary or modest, the meeting minutes showed. This group of policymakers indicated that economic activity and labor market conditions could weaken.

However, some participants supported not cutting rates this year, citing, among other factors, recent inflation readings that exceeded the committee's 2% goal.

The June meeting minutes highlighted the FOMC's wait-and-watch strategy amid "the ever-shifting trade landscape," BMO Capital Markets said in a report. The firm still expects the first rate cut of 2025 in September, according to the report.

Markets widely expect the FOMC to again hold interest rates steady later this month, while the odds of a 25-basis-point cut in September were at 66%, according to the CME FedWatch tool.

US Treasury yields were lower, with the 10-year rate falling 6.9 basis points to 4.34% and the two-year rate losing 4.1 basis points to 3.86%.

In company news, Nvidia ended 1.8% higher. Earlier in the day, the tech giant briefly hit $4 trillion in market cap, the first company ever to hit that milestone.

Meta Platforms , Microsoft and Alphabet also registered gains.

Boeing was the top gainer on the Dow, up 3.7%. Thai Airways International might exercise an option to acquire more Boeing planes as part of the country's tariff discussions with the US, Reuters reported, citing Thai Airways Chief Executive Chai Eamsiri.

UnitedHealth's Medicare billing practices are under investigation by the US Department of Justice's criminal healthcare fraud unit, The Wall Street Journal reported, citing unnamed sources. The health insurance giant's shares were down 1.6%, the steepest decline on the Dow.

West Texas Intermediate crude oil was down 0.1% at $68.28 per barrel in late-afternoon trade.

Commercial crude stockpiles in the US unexpectedly increased last week as propane and propylene inventories grew, helping offset draws in the motor gasoline and distillate fuel components, government data showed.

US President Donald Trump sent letters to additional trading partners outlining new tariff rates, including Brazil, the Philippines and Sri Lanka, CNBC reported Wednesday.

Earlier in the week, Trump sent letters to 14 nations, including Japan, South Africa, Malaysia and Thailand, informing them of their new reciprocal tariff rates that are scheduled to come into effect on Aug. 1.

The European Union is hoping to finalize a trade deal framework with the US in July and potentially within days, the WSJ reported Wednesday, citing a spokesperson.

In other economic news, mortgage applications in the US jumped last week as the 30-year fixed rate on conforming loans hit a three-month low, the Mortgage Bankers Association said.

Gold was up 0.1% at $3,320.5 per troy ounce, while silver fell 0.5% to $36.58 per ounce.