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22/05/24
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Wall Street Muted as Investors Await Fed Minutes, Nvidia Results
On Wednesday, Wall Street’s major indexes were mostly muted as investors stuck to the sidelines before the Federal Reserve’s policy meeting minutes and AI chip leader Nvidia’s quarterly results later today.
The focus will be on whether Nvidia’s Q1 results, due after the close, can meet expectations and sustain huge gains recorded by the company’s shares.
Nvidia has emerged as the third-biggest company in the U.S. by market valuation after a surge of over 92% in its shares this year and a more than 3X jump last year. Nvidia’s shares dropped 0.6%, giving back premarket gains.
The recent bull run on Wall Street has pushed the three main indexes to record highs this month, driven by a strong earnings season as well as increased hopes for interest rate reductions.
Investors are also awaiting the U.S. central bank’s latest policy meeting minutes, due later today, for more clues on the timing of a rate cut.
Traders see a close to 68% chance of the Fed cutting rates in Sept. by 0.25%.
The Nasdaq Composite was up 11.95 points, or 0.07%, at 16,844.57, the S&P 500 was down 0.82 points, or 0.02%, at 5,320.59, and the Dow Jones Industrial Average was down 27.67 points, or 0.07%, at 39,845.32.
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