Markets are treading water this morning as traders exercise caution ahead of two major events: Nvidia’s highly anticipated earnings release and the Federal Reserve’s May meeting minutes.
Market Snapshot (as of 11:15 AM EDT)
The S&P 500 is at 5,913.66, down 0.13%. The Nasdaq Composite stands at 19,176.17, down 0.12%. The Dow Jones Industrial Average is at 41,603.07, down 0.61%.
The flat trading action follows a strong rally last week, as investors await fresh direction from Nvidia’s results and insight into the Fed’s latest thinking on inflation and rate policy.
Nvidia in Focus
Nvidia shares are modestly lower this morning, down 0.29% to $135.11. Analysts expect Q1 revenue to rise more than 66% year-over-year, reflecting continued strength in AI and data center demand. The results are expected after the market closes today and could impact the entire tech sector.
Federal Reserve Minutes Awaited
The Federal Reserve will release minutes from its May 6–7 meeting at 2:00 PM ET. Markets will be closely watching for clues about the future path of interest rates and whether policymakers are continuing their current “wait-and-see” approach amid ongoing inflation concerns.
Sector Highlights
Technology stocks like Marvell Technology and Arm Holdings are trading higher this morning. Retailer Macy’s is up nearly 2% after reporting earnings that beat low expectations. Healthcare company Hologic is gaining following news of a buyout offer. Software firm Okta is sharply lower, down over 13% after issuing weak full-year guidance.
Pre-Market Movers
Box surged over 17% on better-than-expected earnings and strong forward guidance. Vail Resorts jumped 13% as former CEO Rob Katz returns to lead the company. State Street is down slightly after being upgraded to Buy by Truist Securities.
Global Markets
European stocks are mostly lower, with the Euro Stoxx 50 down 0.48%. In Asia, China’s Shanghai Composite slipped 0.02%, while Japan’s Nikkei closed essentially flat.
Markets remain rangebound as traders await these two pivotal developments. More updates will follow throughout the day.
