Dow closes more than 200 points lower Wednesday ahead of Nvidia earnings
Stocks slipped on Wednesday as investors parsed the latest earnings reports and Federal Reserve meeting minutes while awaiting Nvidia’s quarterly figures.
The S&P 500 slid 0.56% to end at 5,888.55, while the Nasdaq Composite shed 0.51% and settled at 19,100.94. The Dow Jones Industrial Average fell 244.95 points, or 0.58%, and closed at 42,098.70.
Okta shares plunged more than 16% after the identity management software company kept its guidance steady despite a better-than-expected quarter due to macroeconomic uncertainty. On the other hand, Abercrombie & Fitch and Dick’s Sporting Goods climbed more than 14% and nearly 2%, respectively, following quarterly reports.
Nvidia is set to report earnings after the bell. Investors will be paying close attention to what China restrictions will mean for the artificial intelligence chipmaker, which sees no slowing in demand for its graphics processors. Shares closed marginally lower ahead of the report.
The Fed released minutes from its May meeting Wednesday afternoon. They showed that participants found a cautious monetary policy approach to be appropriate amid a period of economic uncertainty and that it could face “difficult tradeoffs” if inflation rises.
Traders also monitored rising bond yields. Notably, the 30-year Treasury yield briefly reached the 5% level in Wednesday’s session.
Source : CNBC
