US stock market hits new record ahead of interest rates decision

The US stock market has reached record highs ahead of the Federal Reserve's interest rate decision.

The S&P 500 rose 0.3% to 5,360.79, and the Nasdaq Composite gained 0.4% to 17,192.53. Major gainers included Diamond Offshore Drilling (up 10.9%) and Southwest Airlines (up 7%).

Tech giants Microsoft, Amazon, and Nvidia saw increases, while Apple dropped 1.9% due to unimpressive AI feature rollouts. Tesla fell 2.08% as shareholders prepare to vote on a $56 billion pay package for CEO Elon Musk.

The Fed is expected to maintain interest rates but its future policy direction will be closely watched.