Investors on Wall Street were on edge on Wednesday as they eagerly awaited chip giant Nvidia’s (NVDA) quarterly results, which are expected to provide insight into the artificial intelligence (AI) craze that has been sweeping the market.
The tech-heavy Nasdaq Composite and the benchmark S&P 500 were trading near their record highs, with the Nasdaq up 0.07% and the S&P 500 down 0.03%. The blue-chip Dow was also slightly lower, as market participants anxiously awaited Nvidia’s earnings report.
Nvidia has been on a tear over the past year, with its market cap soaring to over $2 trillion thanks to the massive demand for its AI chips. The company’s earnings report is expected to have a significant impact on the market, with analysts predicting a potential surge in the stock price following the announcement.
In addition to Nvidia’s earnings, investors were also keeping an eye on other market developments, including disappointing results from retailer Target, which pointed to a pullback in discretionary spending amid concerns over inflation. Consumer inflation data out of the UK also grabbed some attention, as did remarks from Federal Reserve speakers about monetary policy.
U.S. Treasury yields were mixed on Wednesday, with the longer-end 30-year yield remaining flat, the 10-year yield edging up slightly, and the more rate-sensitive 2-year yield seeing a modest increase.
Overall, it was a busy day on Wall Street, with investors closely monitoring a range of economic indicators and market developments as they awaited Nvidia’s highly anticipated earnings report.
