Markets Tick up as Fed Minutes Loom

CNBC, Investor’s Business Daily, Reuters, the Wall Street Journal, Bloomberg, and Market Watch contributed to this report.

Stocks bounced Wednesday as traders parked themselves on the sidelines waiting for the Federal Reserve’s meeting minutes — and a handful of big tech moves gave the tape some pep. The S&P 500 climbed about 1%, the Nasdaq added roughly 1.4%, and the Dow popped 316 points, or about 0.6%.

At the center of the rally: chipmaker Nvidia. Nvidia ticked up a bit more than 2% after news that social media firm Meta will use millions of its AI chips for a major data-center push. Big, concrete deals still move markets — and this one sent investors back into silicon stocks.

Retail giant Amazon also had a lift, up about 2% after filings showed investment group Pershing Square — run by activist investor Bill Ackman — had boosted its stake by 65% in Q4. The buying pushed Amazon out of a nine-day slide and made it one of Pershing Square’s top holdings.

Memory-chip maker Micron Technology jumped more than 6% on news that hedge fund Appaloosa Management increased its position. Those aren’t tiny endorsements — they often signal that big-money managers see value after a selloff.

But it wasn’t just the headline names. Stephen Lee of Logan Capital Management — the firm’s founding principal — pointed out that smaller, less obvious tech names were getting traction, too. “I’m not sure today is actually eliminating the broadening out thesis when we kind of peel the onion and look at relative winners,” he said, noting that industrial tech names like Trimble were also climbing (Trimble rose just over 2% on the session). Lee’s takeaway: the market is getting pickier about which tech stories deserve capital.

Outside of chips and cloud deals, a few company-specific stories were worth watching midday:

• Chicken chain Wingstop rallied about 13% after forecasting flat to low-single-digit same-store sales for fiscal 2026 and beating Q4 sales expectations.
• Ratings firm Moody’s jumped roughly 6% after topping revenue and EPS forecasts and issuing solid guidance.
• Sports conglomerate Madison Square Garden Sports surged around 13% on plans to spin off the Knicks from the Rangers, creating two standalone businesses.

Over in health care, biotech Moderna got a boost after the FDA agreed to review its mRNA flu vaccine application — a reversal from an earlier rejection — which could clear the way for availability this fall. CEO Stéphane Bancel said the company hopes to offer the shot “later this year” to seniors if approved. The stock jumped more than 6% on the news.

Oil also grabbed headlines. Prices climbed roughly 3% after comments from Vice President JD Vance suggested that recent talks with Iran didn’t meet US red lines and that military options remained on the table. US crude rose about $1.99 to roughly $64.32 a barrel, while Brent gained around $2 to about $69.46.

But not everything was rosy. Cybersecurity firm Palo Alto Networks fell after an otherwise decent quarter because its outlook disappointed, dropping the stock by about 8%. It’s a reminder that earnings season still bites sometimes, even as AI optimism runs hot.

The bigger macro backdrop: markets were mostly waiting for the Fed’s January meeting minutes, due later in the day — a readout that could clue in traders on how seriously policymakers view inflation and whether rate cuts are on the horizon. The week’s other headline will be Friday’s personal consumption expenditures report, the Fed’s favorite inflation gauge.

“Markets are likely in a semi-holding pattern” ahead of the PCE, said Anthony Saglimbene, adding that the AI trade is getting harder to trade as investors sort winners from also-rans.

Seasonally, the tape is trying to heal from an AI-driven bout of caution that punished software and other growth names earlier in the month. For now, big tech deals and activist stakes are providing the oxygen. Whether that’s enough to keep the rally broad-based is the question traders will answer in the coming sessions — and the Fed minutes might hand them the first real clue.