Wall Street Remains Steady on Eve of Nvidia Report
U.S. shares opened unchanged on Wednesday as traders stayed on their guard before Nvidia’s (NVDA) quarterly report, due after the close. Dow Jones Industrial Average edged up 56 points, while S&P 500 and Nasdaq Composite edged up 0.2% and 0.26%, respectively.
The broader market appeared to take a deep breath following a string of advances, as investors weighed economic fundamentals, geopolitics, and tariffs.
Nvidia Earnings Will Be Critical for Tech and the Overall Market
Nvidia’s earnings are widely regarded as a bellwether for the tech sector and broader stock market. According to analysts, the chipmaker’s quarterly results and guidance will exert a powerful influence over market sentiment—especially with growing concerns about tariffs on AI chips and semiconductors.
If Nvidia beats on the upside, it may contribute to a broader rally. But a miss or conservative guidance would bring out the caution, particularly in Big Tech.
Long-Term Market Indicators Remain Unclear
Although short-term optimism is present, some analysts remain worried about long-term volatility. Katie Stockton, a managing partner at Fairlead Strategies, in an interview with CNBC’s Squawk Box, said that several important technical indicators suggest the market could see more falls.
Although recent rallies offer temporary relief, Stockton warned that the market may still be from a sustainable low.
Fed Minutes and Trade Dynamics in the Limelight
Investors also look to the Federal Reserve’s May 2025 meeting minutes. The release can illuminate forward interest rate paths and inflation expectations, both of which are essential to investor positioning.
Coupled with trade tensions and the uncertainty of regulation in the tech space, these macro forces continue to bear down on sentiment.
GameStop Surges Following Bitcoin Purchase
GameStop’s stock popped sharply after revealing that it had bought 4,710 Bitcoin worth more than $500 million. The action, while much expected, highlights the company’s turn toward digital assets.
It follows a number of other large announcements by Trump Media and Strategy, both of which are increasing their exposure to Bitcoin. Wednesday morning saw Bitcoin trading at about $108,000, helped along by renewed institutional interest.
