U.S. stock futures were mixed Wednesday after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision. S&P 500 futures gained 0.2%, while the Nasdaq 100 futures rose 0.4%. Dow Jones Industrial Average futures climbed 113 points, or 0.2%. Nvidia shares were up more than 3% in the premarket, putting the chipmaker on pace to reach a market capitalization of $5 trillion. It would be the first time a U.S. company would reach such a valuation. Wall Street is coming off a second day of fresh records for the major averages. The S&P 500 rose 0.2% and topped 6,900 for the first time ever intraday, putting it on the cusp of a major milestone at 7,000. The Dow Jones Industrial Average climbed 162 points, or 0.3%. The Nasdaq Composite outperformed, advancing 0.8%. Investors expect the stock market will continue to have its way so long as it’s able to make it through a rapid succession of tests this week. The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting. The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the megacap behemoths could hurt the broader market. Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday. Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea. The warming relationship was a key driver in the market on Tuesday, according to Thierry Wizman, global FX & rates strategist at Macquarie Group. “The market is seeing President Trump re-engaging with the rest of the world again (i.e., China and Japan), and this is a good thing, insofar as it may temper his desire for more tariffs,” Wizman said. “The prospect of seeing very high tariffs, especially on China, have diminished. To some extent, this also plays to the prospect that the Fed will be dovish too, given there is a connection between lower tariffs and lower inflation.” To be sure, sky-high valuations and an ongoing government shutdown continue to remain risks for a market that is at all-time highs, even as analysts warn traders not to bet against this market. “I anticipate that we’re going to continue to see enthusiasm as we go through this week,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Tuesday. She added, “I think through the end of the year we’re free and clear.” U.S. Treasury yields held steady on Wednesday as investors keenly awaited the Federal Reserve’s interest rate decision, and a potential signal on its balance sheet reduction, following its two-day meeting. The benchmark 10-year Treasury yield was less than a basis point higher at 3.989%, while the 2-year Treasury note yield was also little changed at 3.50%. The 30-year bond yield was also up less than a basis point to 4.555%. Japan’s Nikkei 225 jumped 2.17% to hit a record high, crossing above 51,000 for the first time Wednesday, lifted by renewed optimism over U.S.-Japan trade ties and expectations of another Federal Reserve rate cut. The index closed at 51,307.65. The Topix, however, lost 0.23% to end at 3,278.24. South Korea’s Kospi rose 1.76% to end the trading day at 4,081.15, while the small-cap Kosdaq lost 0.19% to 901.59. India’s Nifty 50 gained 0.44%. Australia’s S&P/ASX 200 lost 0.96% to end at 8,926.2. Mainland China’s CSI 300 was up 1.19%, closing at 4,747.84. Hong Kong markets are closed for the holidays. Oil prices rose on Wednesday thanks to a decline in U.S. crude inventories and optimism over a meeting between the leaders of the U.S. and China, the world’s two largest oil consumers. Brent crude futures were up 22 cents, or 0.34%, to $64.62 a barrel. U.S. West Texas Intermediate crude futures rose 20 cents, or 0.33%, to $60.35. Gold rebounded nearly 2% on Wednesday as investors found the metal attractive after prices fell to a three-week low in the previous session, while the Federal Reserve rate cut decision and Chair Jerome Powell’s speech took center stage. Spot gold was up 1.9% at $4,028.05 per ounce, as of 0955 GMT, after dropping to its lowest since October 6 on Tuesday. U.S. gold futures for December delivery gained 1.5% to $4,041.50 per ounce. “Bargain-hunting could be (supporting gold) because it has lost a bit more than 10% of its value, which makes it attractive again because the underlying gold story is still valid,” said Quantitative Commodity Research analyst Peter Fertig.