On Wednesday, major U.S. indices closed in positive territory. The Dow Jones Industrial Average rose 0.2%, finishing at 40,842.79, while the S&P 500 surged 1.6% to 5,522.30. The Nasdaq experienced a significant gain, jumping 2.6% to 17,599.40.

Federal Reserve Chair Jerome Powell indicated that a rate cut might happen in September if inflation and the labor market meet expectations. The Fed held the interest rate steady at 5.25-5.5% in July, with Powell noting increased confidence in achieving the 2% inflation target.

Let’s dive into the top trending stocks of the day:

Meta Platforms Inc. ( META )

Meta Platforms ( META ) closed the day with a 2.51% increase, ending at $474.83. The stock hit an intraday high of $476.5 and a low of $466.75. The company’s 52-week range is $274.39 to $542.79. The Mark Zuckerberg-led company reported a strong second-quarter earnings, beating both top and bottom-line analyst estimates.

NVIDIA Corporation ( NVDA )

Nvidia’s stock soared by 12.81%, closing at $117.02. The intraday high and low were $118.34 and $110.88, respectively, with a 52-week range of $39.23 to $195.95. Notably, former House Speaker Nancy Pelosi (D-Calif.) disclosed the purchase of additional Nvidia ( NVDA ) shares this week.

See Also: Trump’s Son-In-Law-Backed Software Giant QXO Drops 80% In Pre-Market, Valuation Nosedives From $90B To $8

Arm Holdings Plc ( ARM )

Arm Holdings ( ARM ) saw an 8.43% rise in its stock, closing at $144.17. The stock’s intraday high was $145.48 and the low was $138.94. Its 52-week range is $46.50 to $188.75. Despite a 10.5% fall in share price in the after-hours session after the first-quarter results were revealed, the company reported strong growth in royalty revenue.

Qualcomm Inc. ( QCOM )

Qualcomm’s stock increased by 8.39%, ending the day at $180.95. The stock’s intraday high and low were $181.08 and $173.41, respectively, and its 52-week range is $104.33 to $230.63. The company reported a revenue beat in its third-quarter earnings, marking an 11% year-over-year increase.

Tesla Inc. ( TSLA )

Tesla’s stock rose by 4.25%, closing at $232.08. The intraday high and low were $234.68 and $226.79, respectively, with a 52-week range of $138.80 to $278.97. CEO Elon Musk recently compared Tesla’s current position to Nvidia’s before its stock surge.

Prepare for the day’s trading with top premarket movers and news by Benzinga.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal