US stocks extended gains on Tuesday with the S&P 500 up 0.3%, the Dow rising 180 points and the Nasdaq advancing 0.8% as all three renewed record highs ahead of a widely expected 25bp Fed cut on Wednesday. The rally was concentrated in AI and mega cap tech after two corporate developments reanchored growth expectations, Microsoft jumped 2.3% on a landmark deal with OpenAI that reshapes the commercial path for generative AI and Nvidia surged 6.1% after announcing a $1bn strategic investment in Nokia that strengthens demand for chips and networking gear. Earnings outside tech also supported risk appetite with UPS up 8.1% on stronger than expected results and UnitedHealth rising 1.6% after raising its 2025 profit outlook. Amazon confirmed about 14,000 corporate job cuts which added headline risk but did not derail the advance, adding 1.4%. Traders remain focused on a heavy earnings calendar this week that includes Alphabet, Amazon, Apple, Meta and Microsoft and on Fed guidance.