The S&P 500 advanced Wednesday after a summary of the Federal Reserve’s policy meeting last month reinforced hope for lower rates in the near future.

The broad index added 0.42% to 5,620.85, marking its ninth winning session of the last 10. Wednesday’s advance propelled the benchmark within 1% of its all-time record close. Four of the 11 sectors that comprise the S&P 500 notched 52-week highs during the session.

The Nasdaq Composite climbed 0.57% to 17,918.99, also clinching its ninth positive day of 10. The Dow Jones Industrial Average ticked up by 55.52 points, or 0.14%, to finish at 40,890.49 for its sixth winning day of the last seven.

The Russell 2000 outperformed, with the small cap-focused index climbing more than 1%.

Those moves came as Fed officials said a decrease to the borrowing cost during the September policy meeting was increasingly likely, according to minutes from the July gathering released Wednesday afternoon. The majority of participants indicated that loosening monetary policy would be appropriate if data continued to come in as expected.

That bolsters the expectations of market participants, with traders pricing in a 100% chance of a rate cut next month, per the CME Group’s FedWatch Tool. Where the Street diverges is on how big the potential reduction will be.

Wednesday’s moves come a day after the S&P 500 and Nasdaq Composite snapped their longest winning streaks since late 2023. It was just the latest action in a choppy month for equities.

A weak U.S. jobs report and an interest rate hike from the Bank of Japan sparked a global sell-off on Aug. 5. But equities have since bounced back after strong retail sales and a weaker-than-expected inflation report helped alleviate recession fears last week. Now, all three of the major indexes are up compared to where they started August.

Wall Street now anxiously awaits commentary from central bank leader Jerome Powell. The Fed chair is expected to deliver remarks Friday at the Jackson Hole Economic Symposium, where he could provide further clues into the Fed’s next rate decision at its September gathering.

“Everyone’s really kind of looking ahead to see what the Fed is going to do next,” said Chris Zaccarelli, chief investment officer at the Independence Advisor Alliance. “I think the market, at least temporarily, has pivoted away from growth scares and is back focused on what’s going to be the Fed rate cutting cycle.”

Investors on Wednesday also kept an eye on the latest earnings reports trickling in. Target jumped more than 11% after reporting earnings for the fiscal second quarter that exceeded Wall Street’s expectations. But fellow retailer Macy’s dropped almost 13% on a lowered full-year sales forecast.