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Business News/ Markets / Stock Markets/  Wall Street today: US stocks drift ahead of Fed minutes, Nvidia drops as investors await earnings
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Wall Street today: US stocks drift ahead of Fed minutes, Nvidia drops as investors await earnings

Wall Street today: US stocks drift ahead of Fed minutes, Nvidia drops as investors await earnings

The yield on the 10-year Treasury rose to 4.43% from 4.41% late on Tuesday. AFPPremium
The yield on the 10-year Treasury rose to 4.43% from 4.41% late on Tuesday. AFP

US stocks were drifting on Wednesday ahead of chip giant Nvidia's quarterly results and the US Federal Reserve's policy meeting minutes.

Nvidia, based in Santa Clara, California, will release its first quarter earnings after the market close on Wednesday.

Nvidia’s stock is the third largest on Wall Street, following its more than 92% surge this year and an over threefold jump in 2023.

The Nvidia stock was down 0.62 per cent at $947.91.

The minutes from the US central bank’s latest policy meeting, are due at 2 pm ET.

At 11:28 a.m. ET, the Dow Jones Industrial Average was down 47.64 points, or 0.12 per cent, at 39,825.35, the S&P 500 was down 1.70 points, or 0.03 per cent, at 5,319.71, and the Nasdaq Composite was up 17.61 points, or 0.10 per cent, at 16,850.24.

At 10:02 a.m. ET, the Dow Jones Industrial Average was down 27.67 points, or 0.07 per cent, at 39,845.32, the S&P 500 was down 0.82 points, or 0.02 per cent, at 5,320.59, and the Nasdaq Composite was up 11.95 points, or 0.07 per cent, at 16,844.57.

At the opening bell, the Dow Jones Industrial Average fell 9.66 points, or 0.02 per cent, to 39,863.33. The S&P 500 was lower by 2.13 points, or 0.04 per cent, at 5,319.28, while the Nasdaq Composite gained 6.40 points, or 0.04 per cent, to 16,839.02.

The yield on the 10-year Treasury rose to 4.43% from 4.41% late on Tuesday.

Chipmaker Analog Devices climbed 7.6 per cent after forecasting third quarter revenue above Wall Street expectations. 

Shares of Target tumbled 8.7 per cent after the retailer reported quarter results.

Crude oil

Oil prices fell more than 1 per cent on Wednesday, retreating for a third straight day, after reports of rise in US crude oil and gasoline inventories last week.

Brent crude futures were down 87 cents, or 1.1 per cent, at $82.01 a barrel, while US West Texas Intermediate crude (WTI) was down 81 cents, or 1 per cent, to $77.85 at 1255 GMT.

Bullion

Gold prices fell over 1 per cent on Wednesday.

Spot gold fell 1.3 per cent at $2,389.39 per ounce as of 1419 GMT. Prices had scaled a record high of $2,449.89 on Monday.

US gold futures were down 1.4 per cent at $2,392.70.

Spot silver fell 2.5 per cent to $31.15 after hitting a more than 11-year high on Monday. 

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Published: 22 May 2024, 07:34 PM IST
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