US stock market today: S&P 500 edges higher, Nasdaq gains on chip rally ahead of Fed decision

The S&P 500 edged higher while the Nasdaq gained, led by a rally in semiconductor shares, ahead of an upcoming Federal Reserve policy decision. The chip rally is transmitting through a risk-appetite and earnings-expectations channel, as investors bid up high-beta technology names ahead of a rate announcement that could shift the discount rate applied to long-duration growth equities. The Nasdaq 100 (NDX) is the most exposed index given its heavy weighting in semiconductors and large-cap technology, making it more sensitive to any hawkish or dovish signal than the broader S&P 500. The US dollar (USD) is also in focus, since rate expectations ahead of the Fed meeting drive yield differentials that tend to move the currency. Traders will watch the Fed's post-meeting statement and the chair's press conference for guidance on the path of rates, as any change in forward guidance would likely reprice both equity duration and dollar positioning.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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