The S&P 500 hit a record high of over 6,900 before the Federal Reserve meeting. Nvidia became the first company with a market cap over $5 trillion. The index is up nearly 17% this year.

Federal Reserve Chair Powell downplayed the influence of the AI-focused stock market rally on Fed decisions.

Powell stated that while the stock market is a factor in assessing the economy, it is not a driving force in policy decisions.

Read more at Dow Jones & Company: Powell Says Rising Stocks Aren’t ‘Driving Factor’ In Policy Moves