Stocks rise ahead of Fed minutes as Nvidia shares gain

Stocks moved higher on Wednesday, supported by gains in key technology stocks, as traders awaited the release of the minutes from the Federal Reserve’s most recent policy meeting.

The S&P 500 climbed 0.8%, while the Nasdaq Composite added 1.2%. The Dow Jones Industrial Average rose 257 points, or 0.5%.

Nvidia shares advanced more than 2% on the heels of Meta announcing Tuesday that it’s going to use millions of Nvidia’s chips in its data center buildout.

Similarly, fellow “Magnificent Seven” member Amazon moved higher by 2% after regulatory filings showed Bill Ackman’s Pershing Square grew its stake in the e-commerce giant by 65% during the fourth quarter. That makes Amazon the fund’s third-largest holding. The move comes after the stock snapped a nine-day losing streak.

Micron Technology also saw gains after David Tepper’s Appaloosa Management increased its holdings in the chipmaker. The stock was last up more than 6%.

While those stocks are bolstering the broader market, Stephen Lee of Logan Capital Management noted that “lesser-known” names in the tech space are also performing well, including those in industrial tech such as Trimble. Shares of that company were up more than 2% in the session.