US Stocks Lack Direction, Nvidia Awaited
The three major US stock averages hovered near the flatline on Wednesday, as investors awaited Nvidia’s highly anticipated quarterly results, due after the closing bell, for fresh insights into the AI market, particularly regarding the potential impact of China-related restrictions.
Nvidia shares were little changed ahead of the release. Markets were also focused on the upcoming FOMC minutes, with investors looking for any further clues about the Federal Reserve’s economic outlook and policy direction.
Among sectors, energy and communication services outperformed, while materials lagged. Macy’s shares rose about 0.4% after the retailer reported better-than-expected quarterly results. In contrast, GameStop dropped roughly 4.7%, despite announcing it had acquired 4,710 bitcoins, worth over half a billion dollars.
Source: Trading Economics