• US stocks climbed as mega-cap tech stocks rose through Tuesday.
  • Nvidia climbed as high as 2.3% after its GTC Conference on Monday.
  • The Fed kick off its two-day policy meeting, where it's expected to keep rates unchanged.

US stocks climbed on Tuesday as tech stocks continued to ascend from last session, despite a brief pullback in the morning.

The artificial intelligence rally was re-energized on Monday, after Nvidia hosted its first GTC Conference on Monday, an event showcasing its next-generation chip to glowing Wall Street reactions. Its stock climbed as high as 2.3% Tuesday.

Investors didn't appear to hold back as the Federal Reserve kicked off its two-day policy meeting, with markets expecting it to end with no change to interest rates. The Dow Jones Industrial Average jumped 320 points in the session. 

Traders will be watching the meeting for further guidance as to how monetary policy may change in the coming months, especially as recent inflation reports have come in hotter than expected, and all eyes will be on Jerome Powell's press conference following the rate decision. 

"The concern is that, following last week's disappointing inflation releases, the Fed may indicate that it is pushing out further the timing of its first rate cut since March 2020. This could also see it revise downward its projections for how many cuts we may see this year," David Morrison, senior market analyst at Trade Nation, said. 

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: 

Here's what else happened today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil gained 0.88% to $83.45 a barrel. Brent crude, the international benchmark, rose 0.60% to $87.39 a barrel. 
  • Gold slipped 0.2% to $2,156.66 per ounce. 
  • The 10-year Treasury yield fell four basis points to 4.30%.
  • Bitcoin jumped by 3.4% to $64,545.
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