US Stocks Steady Ahead of Fed Minutes; Nvidia (NVDA) Slips as Investors Anticipate Earnings Report

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    <li>US stocks were drifting on Wednesday ahead of chip giant Nvidia's quarterly results and the US Federal Reserve's policy meeting minutes.</li>
    <li>Nvidia, based in Santa Clara, California, will release its first quarter earnings after the market close on Wednesday.</li>
    <li>Nvidia’s stock is the third largest on Wall Street, following its more than 92% surge this year and an over threefold jump in 2023.</li>
</ul>
<p><strong>US stocks drift as investors await Nvidia earnings and Fed minutes.</strong></p>
<h2><strong>Nvidia's Anticipated Earnings Report</strong></h2>
<p>Nvidia, headquartered in Santa Clara, California, is set to release its first-quarter earnings after the market closes on Wednesday. The company's stock has seen a significant rise, becoming the third largest on Wall Street due to its impressive performance this year. Investors are keenly awaiting the earnings report to gauge the company's financial health and future prospects.</p>
<h3><strong>Market Reactions and Stock Movements</strong></h3>
<p>As of 11:28 a.m. ET, the Dow Jones Industrial Average was down 47.64 points, or 0.12%, at 39,825.35. The S&P 500 was down 1.70 points, or 0.03%, at 5,319.71, and the Nasdaq Composite was up 17.61 points, or 0.10%, at 16,850.24. Nvidia's stock was down 0.62% at $947.91, reflecting a cautious market sentiment ahead of the earnings release.</p>
<h2><strong>Federal Reserve's Policy Meeting Minutes</strong></h2>
<p>The minutes from the US central bank’s latest policy meeting are due at 2 pm ET. Investors are closely monitoring these minutes for any indications of future monetary policy adjustments. The yield on the 10-year Treasury rose to 4.43% from 4.41% late on Tuesday, signaling market expectations of potential interest rate changes.</p>
<h3><strong>Impact on Other Stocks and Sectors</strong></h3>
<p>Chipmaker Analog Devices climbed 7.6% after forecasting third-quarter revenue above Wall Street expectations. In contrast, shares of Target tumbled 8.7% after the retailer reported quarterly results that fell short of market expectations. The mixed performance across different sectors highlights the varied investor sentiment influenced by company-specific news and broader economic indicators.</p>
<h2><strong>Commodity Market Movements</strong></h2>
<p>Oil prices fell more than 1% on Wednesday, retreating for a third straight day after reports of a rise in US crude oil and gasoline inventories last week. Brent crude futures were down 87 cents, or 1.1%, at $82.01 a barrel, while US West Texas Intermediate crude (WTI) was down 81 cents, or 1%, to $77.85 at 12:55 GMT.</p>
<h3><strong>Gold and Silver Prices</strong></h3>
<p>Gold prices fell over 1% on Wednesday, with spot gold down 1.3% at $2,389.39 per ounce as of 14:19 GMT. Prices had scaled a record high of $2,449.89 on Monday. US gold futures were down 1.4% at $2,392.70. Spot silver fell 2.5% to $31.15 after hitting a more than 11-year high on Monday.</p>
<h3><strong>Conclusion</strong></h3>
<p>As investors await Nvidia's earnings report and the Federal Reserve's policy meeting minutes, the market remains cautious. The mixed performance of stocks and commodities reflects the uncertainty and varied expectations among market participants. The upcoming reports will likely provide more clarity and direction for the markets in the coming days.</p>