U.S. stocks finished higher Wednesday as investors reacted positively to the Federal Reserve’s latest meeting minutes and looked ahead to earnings from Delta Air Lines, which are expected to offer an early read on travel demand heading into the back half of 2025.

The Dow Jones Industrial Average rose 217.54 points, or 0.49%, to close at 44,458.30. The S&P 500 added 37.74 points, or 0.61%, ending the session at 6,263.26. The Nasdaq Composite climbed 192.88 points, or 0.94%, to settle at 20,611.30. The small-cap Russell 2000 also advanced 1.08%.

Gains were broad-based, with roughly 67.5% of stocks on the NYSE advancing. Market breadth was further supported by strong technical momentum, with 77.9% of stocks trading above their 50-day moving average.

Investors parsed the Federal Reserve’s June meeting minutes, released early Wednesday afternoon, for signals on future policy direction. The document struck what analysts described as a “moderate-to-dovish” tone. Most committee participants indicated a rate cut would be appropriate later this year, though views diverged on the exact timing. Only “a couple” members floated the possibility of a July cut, while “some” expressed concern that inflation may remain too elevated for any cuts in 2025.

The minutes also flagged tariff-related risks stemming from President Trump’s recent trade moves, though the Fed characterized those pressures as “temporary or modest” and not severe enough to warrant immediate policy changes. Still, officials emphasized continued uncertainty around inflation expectations and labor market health.

Market reaction to the minutes was muted but positive. “Markets interpreted the release favorably, though that likely reflects a lack of downside surprise,” according to the document summary. Equities extended gains modestly into the close, helped by the absence of any hawkish shocks.

Airline stocks were in focus ahead of Delta Air Lines earnings report due Thursday morning. The company is set to kick off the sector’s second-quarter earnings season, with investors closely watching commentary on premium travel, international demand, and tariff-related cost concerns. Analysts expect earnings per share of $2.07 on revenue of $16.21 billion, according to the company preview.

Delta’s results are seen as a bellwether for the broader travel industry, particularly as pricing pressure and shifting consumer behavior weigh on domestic bookings. UBS recently upgraded Delta to “Buy,” citing “improving international momentum, stabilizing macro conditions, and a more favorable TRASM setup in the second half of 2025”.

Separately, Nvidia made headlines earlier in the session by briefly surpassing a $4 trillion market cap, becoming the first tech firm to do so amid ongoing investor enthusiasm for artificial intelligence. Shares trimmed gains late in the day but remained in positive territory.

With Fed policy still in a holding pattern and earnings season ramping up, traders are bracing for potential volatility. Thursday’s Delta results and next week’s CPI data could offer the next key catalysts.