Tech Rally Lifts Market as Fed Minutes Keep Easing Bias; Oil and Gold Advance

U.S. stocks ended higher Wednesday, powered by technology shares, after investors parsed Federal Reserve minutes that kept the policy outlook on a gradual-easing glidepath without springing any surprises.

At the close, the S&P 500 rose 0.58% to 6,753.72, the Nasdaq Composite added 1.12% to 23,043.4, and the Russell 2000 advanced 1.03% to 247.00. The Dow industrials were essentially flat at 46,601.8, down 1.20 points.

The day’s tone was set by the September FOMC minutes, which showed broad support for a quarter-point rate cut and language that it will “likely be appropriate to ease policy further over the remainder of this year,” while several participants cautioned that financial conditions may not be “particularly restrictive.” The Fed reiterated that quantitative tightening would continue, with the Standing Repo Facility providing a backstop to keep money-market rates aligned with policy. The minutes emphasized flexibility—policy is “not on a preset course”—a stance that left the core narrative intact and avoided a hawkish surprise.

Rate-sensitive growth shares outperformed on that steady backdrop, helping the Nasdaq notch a solid gain. Broader risk appetite also firmed in commodities: U.S. crude for November 2025 settled at $62.43, up 1.13%, while December 2025 gold climbed 1.51% to $4,064.90. Oil’s rise can bolster energy shares but also feeds inflation expectations; gold’s bid is typical when investors hedge policy and macro uncertainty.

Airlines were in focus ahead of Delta Air Lines’ Thursday earnings report , a de facto early marker for the group. Street consensus looks for about $1.60 EPS on $15.93 billion of revenue, within management’s $1.25–$1.75 guidance band issued in July, with attention on premium-cabin mix, loyalty monetization, and the trajectory of non-fuel unit costs. At the recent Morgan Stanley Laguna Conference, Delta flagged stronger corporate demand in banking, financial services, and technology, while maintaining discipline in main-cabin capacity. Jefferies recently upgraded the stock, citing expectations for firmer Q4 guidance.

For equity investors, the combination of unchanged Fed messaging and a tech-led advance left the tape constructive into earnings season. The major indexes’ breadth gauges showed more advancers than decliners, consistent with the day’s risk-on tone, even as the Dow lagged. With policy optionality preserved and no new shocks from the minutes, attention now turns to whether corporate guidance—starting with travel—can validate hopes for a soft-landing backdrop into year-end.