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Tech stocks are extending their rally into a fourth straight session on Tuesday, with the Nasdaq 100 climbing 0.7% by midday to reach a new record high of 26,000 points, as optimism builds ahead of key earnings and a widely expected Federal Reserve rate cut.

The tech-heavy benchmark is now up 4.5% over the past four sessions, putting it on pace for its strongest four-day advance since mid-May.

Investors are also closely watching geopolitical developments as a pivotal meeting between President Donald Trump and Chinese President Xi Jinping is set for Thursday.

According to The Wall Street Journal, the U.S. may cut tariffs on Chinese goods tied to fentanyl production — potentially reducing the current 20% rate to 10% — if China enforces stricter export controls on chemical precursors. That shift could lower the average U.S. tariff on Chinese imports from 55% to 45%, under the proposed deal framework.

Looking ahead, Wednesday is stacked with market-moving events. The Federal Reserve is expected to lower its benchmark rate by 25 basis points, bringing the fed funds range to 3.75%-4.00%. Traders will tune into Fed Chair Jerome Powell's remarks for signs of whether another rate cut could follow in December.

Also due after the bell Wednesday: earnings from three of the Magnificent Seven — Microsoft Corp. (NYSE:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Meta Platforms Inc. (NASDAQ:META) — which could set the tone for the next leg of the market’s move.

Meanwhile, gold prices remain under pressure, falling for the fifth time in six sessions. The precious metal dropped below the key $4,000 mark, extending a 10% decline from the record high of $4,380 reached on Oct. 20.

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.2% to $631.57.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.7% to $478.81.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) soared 0.7% to $687.
• The iShares Russell 2000 ETF (NYSE:IWM) edged 0.2% higher to $250.49.
• The Technology Select Sector SPDR Fund outperformed, up 0.7%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 1.8%.

Stock Movers: PayPal, Skyworks, Uranium Names Pop

PayPal Holdings Inc. (NASDAQ:PYPL) surged nearly 9% after delivering better-than-expected Q3 results and issuing upbeat guidance for year-end. The payment firm also revealed a new partnership with OpenAI to integrate payments directly into ChatGPT, adding a fresh narrative to its recovery story.

Skyworks Solutions Inc. (NASDAQ:SKWS) jumped 10% after announcing a $22 billion cash-and-stock merger with Qorvo Inc. (NASDAQ:QRVO), consolidating two major players in the wireless semiconductor space.

Nuclear and uranium-linked stocks also spiked. The VanEck Uranium and Nuclear ETF (NYSE:NLR) climbed 6%, while Cameco Corp. (NYSE:CCJ) skyrocketed 24%, marking its best trading day on record.

The rally followed news that Cameco would partner with the U.S. government and others to help develop $80 billion worth of next-generation nuclear reactors.

On the downside, Alexandria Real Estate Equities Inc. (NYSE:ARE) plunged 15.5% to $65.79, set for its steepest single-day loss since March 2020 after missing earnings estimates and issuing a weaker outlook.

Stocks reacting to earnings reports included:

• Welltower Inc. (NYSE:WELL) down 1.7%
• Cadence Design Systems Inc. (NASDAQ:CDNS) down 1.9%
• Waste Management Inc. (NYSE:WM) down 3.2%
• Nucor Corp. (NYSE:NUE) up 5.8%
• Brown & Brown Inc. (NYSE:BRO) down 4.5%
• Cincinnati Financial Corp. (NASDAQ:CINF) down 2.0%
• Principal Financial Group Inc. (NASDAQ:PFG) up 2.7%
• F5 Inc. (NASDAQ:FFIV) down 6.9%
• Universal Health Services Inc. (NYSE:UHS) up 1.0%
• Alexandria Real Estate Equities Inc. (NYSE:ARE) down 16.4%
• Rambus Inc. (NASDAQ:RMBS) down 8.3%
• UnitedHealth Group Inc. (NYSE:UNH) up 2.1%
• NextEra Energy Inc. (NYSE:NEE) down 2.5%
• Sherwin-Williams Co. (NYSE:SHW) up 5.1%
• American Tower Corp. (NYSE:AMT) down 3.5%
• United Parcel Service Inc. (NYSE:UPS) up 7.6%
• Royal Caribbean Cruises Ltd. (NYSE:RCL) down 10.2%
• Ecolab Inc. (NYSE:ECL) down 3.7%
• Corning Inc. (NYSE:GLW) down 3.3%
• PayPal Holdings Inc. up 8.7%
• Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) up 9.6%
• Carrier Global Corp. (NYSE:CARR) up 1.8%
• D.R. Horton Inc. (NYSE:DHI) down 1.9%
• MSCI Inc. (NYSE:MSCI) up 6.3%
• Sysco Corp. (NYSE:SYY) down 1.1%
• Xylem Inc. (NYSE:XYL) up 1.3%
• IQVIA Holdings Inc. (NYSE:IQV) down 0.8%
• Hubbell Inc. (NYSE:HUBB) up 2.8%
• Labcorp Holdings Inc. (NYSE:LH) down 3.8%
• Tenet Healthcare Corp. (NYSE:THC) down 6.2%
• Incyte Corp. (NASDAQ:INCY) down 3.8%
• Ares Capital Corp. (NASDAQ:ARCC) up 2.0%
• ATI Inc. (NYSE:ATI) up 7.8%
• Zebra Technologies Corp. (NASDAQ:ZBRA) down 15.5%
• Skyworks Solutions Inc. (NASDAQ:SWKS) up 11.1%
• Invesco Ltd. (NYSE:IVZ) up 1.4%

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