Ahead of the Federal Reserve's decision, the AI rebound rally continued, with the Philadelphia Semiconductor Index up 3.6% and CoreWeave up 8%.

BlockBeats news, October 28 - US stocks closed higher for a second consecutive trading day, led by tech stocks. According to data from the BIT stock platform, the S&P 500 rose 0.60% to 7,722.65 points; the Nasdaq rose 1.18%, the Nasdaq 100 rose 1.29%, and the Dow rose 0.03%. The Philadelphia Semiconductor Index rebounded 3.60%, and the Russell 2000 rose 1.16%.

AI-related stocks strengthened across the board. Among emerging cloud service providers, Nebius rose 11.22%, CoreWeave rose 7.94%, and IREN rose 7.90%; in the storage and optical communications sector, Western Digital rose 6.95%, Applied Optoelectronics rose 6.96%, Coherent rose 6.45%, and SanDisk rose 3.92%.

Financing progress became an important catalyst for the AI sector's rebound. Broadcom formed an institutional alliance with Bank of America, Citi, Morgan Stanley, and Blackstone, reaching a $63 billion financing arrangement to procure Broadcom AI accelerators and networking equipment and lease them to Anthropic, with deliveries expected to begin in 2027. In addition, Oracle expanded its cloud service cooperation with OpenAI, and Meta's $25 billion stock offering was 5 times oversubscribed. Goldman Sachs' technology trading desk attributed the day's rebound to easing financing concerns, expectations for tech giants' earnings and capital expenditures, and oversold rebounds in some companies that beat expectations.

The market will next focus on the Federal Reserve's interest rate decision and tech giants' earnings. The Fed will announce its decision on Wednesday US local time, with the market expecting rates to remain at 3.75% to 4%, but the probability of a December rate hike still exceeds 70%. Earnings from Microsoft, Alphabet, Amazon, and other companies will be released successively.

As officials from Saudi Arabia, Turkey, and Pakistan traveled to Tehran for diplomatic consultations, market expectations for a de-escalation of tensions in the Persian Gulf increased. WTI crude oil fell about 1.8%, dropping below $100 per barrel, while Brent crude closed below $114 per barrel. The 10-year US Treasury yield remained near 4.99%, and the dollar index rose 0.35% to 102.319.