Investing.com — US stocks climbed Wednesday, as investors awaited the Federal Reserve rate decision. 

At 12:53 ET (17:53 GMT), the climbed 0.4%, or 160 points, the rose 0.2% and the added 0.2%. 

Fed set to cut rates, but eyes on projections

The Fed is widely expected to cut rates when it announced its monetary policy decision at 2:00 p.m. ET.

Market focus will be squarely on the Fed’s economic projections including rate cuts for the next year, and comments from Chair Jerome Powell. 

Investors expect the Fed to indicate a slower pace of rate cuts in 2025, as persistent inflation and a strong labor market—two key challenges for the Fed—continue to pose concerns.

On Tuesday, data showed that retail sales rose by 0.7% in November, above the 0.5% forecast. 

Stronger-than-expected retail sales data signals that the economy remains strong and consumer spending remains robust, despite challenges like inflation and high interest rates. 

This strength was driven by a solid labor market and steady household finances.

Tech cuts intraday losses as Nvidia rebounds

NVIDIA Corporation (NASDAQ:) rebounded as investors bought the recent dip in the chipmaker, helping the broader tech sector recovery.The move higher in the chipmaker comes a day after it fell deeper into correction territory following its 10% plunge from a recent peak. 

Apple Inc (NASDAQ:) rose 0.1%, while Alphabet (NASDAQ:) added 0.1%.

Jabil Circuit Inc (NYSE:) was also in rally mode, surging 9% after reporting stronger-than-expected fiscal first quarter results and guidance.

Elsewhere on the earnings front, Birkenstock Holding ltd (NYSE:) reported Q4 results that topped Wall Street estimates, sending its shares more than 6% higher.

General Mills Inc (NYSE:) stumbled after cutting its annual outlook on earnings as ramp up in promotional activity dented margins.