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The S&P 500 hit a fresh record on Tuesday as investors stepped further into the artificial intelligence trade a day before the Federal Reserve announces its interest rate decision.

The broad market index rose about 0.4%. The Nasdaq Composite advanced 0.8%, while the Dow Jones Industrial Average gained 329 points, or 0.7%. The tech-heavy Nasdaq and 30-stock Dow scored new all-time intraday highs alongside the S&P 500.

Several “Magnificent Seven” names are set to report this week, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft, which together account for roughly one quarter of the S&P 500’s total value. Amazon announced it will begin layoffs on Tuesday, with the move expected to amount to the largest cuts to its workforce in the company’s history. That adds to the slew of job cuts seen in the tech industry this year. Apple and Microsoft were bright spots, however, as both stocks crossed $4 trillion in value during Tuesday’s session.

Tuesday marks the start of the two-day Fed meeting, where the central bank is expected to cut its benchmark rate rate for a second time this year. Traders hoping for a signal from Fed Chair Jerome Powell on Wednesday that the central bank will cut once more at its final meeting of the year in December, partly driven by concerns about a weakening labor market. The Fed is dealing with an economic data blackout given the ongoing U.S. government shutdown.

Investors during Monday’s session cheered cooling tensions between the U.S. and China ahead of a highly-anticipated meeting between President Donald Trump and Chinese President Xi Jinping on Thursday. Trump said Monday that both nations were expected to “come away with” a trade deal, which could address China rare earth minerals restrictions, soybean purchases and TikTok. The Wall Street Journal also reported Tuesday that tariffs on goods from China would be lowered if Beijing clamps down on the export of chemicals which produce fentanyl.

“The market is expecting is something conclusive as a result of this meeting,” Dickson said. “If we don’t get an agreement of some type that can splash the headlines, I think that’ll be a disappointment. That doesn’t necessarily mean that the whole thing is solved. It just means there is definitive progress that something has been agreed to.”

The S&P 500 in the previous session recorded its first-ever close above the 6,800 level, while the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average likewise closed at record highs. The Russell 2000 small-cap benchmark finished at a new all-time high as well.