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Fed Minutes Boost Rate Cut Hopes; Nvidia Briefly Tops $4 Trillion Market Cap

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U.S. stocks rallied broadly on Wednesday, July 10, with the tech-heavy Nasdaq hitting a record high. The surge followed the Federal Reserve’s meeting minutes reinforcing expectations of rate cuts this year and Nvidia’s brief ascent to a $4 trillion market valuation.

June’s Fed minutes showed most officials viewed “appropriate” rate cuts later in 2024, despite inflation risks from Trump’s new tariffs, which they deemed “temporary or mild.” Few supported an immediate cut at the late-July meeting. Nvidia (NVDA.O) briefly became the first $4 trillion company, closing up 1.8% at $3.97 trillion, leading the Nasdaq’s record close.

Analysts noted tensions: “Fed officials expect higher inflation but still project cuts—contradictory,” said Chris Zaccarelli of Northlight. Chris Briggati of SWBC suggested a shift toward monitoring labor markets. Other tech giants supported gains: Microsoft (MSFT.O) rose 1.4%, Amazon (AMZN.O) 1.5%, as markets brushed off tariff-driven inflation jitters.