Stocks gyrated on Wednesday as investors parsed the latest earnings reports and Federal Reserve meeting minutes while awaiting Nvidia’s quarterly figures.
The Dow Jones Industrials retreated 244.95 points to close Wednesday at 42,098.70.
The S&P 500 dropped 32.99 points to 5,888.55
The NASDAQ Composite fell 98.23 points to 19,100.94.
Okta shares plunged more than 13% 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 took on 16% and Dick’s Sporting Goods climbed more than 2%, 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 rose nearly 1% ahead of the report.
Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.
Stocks remained rangebound after the Fed released minutes from its May meeting Wednesday afternoon. The minutes 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.
Prices for the 10-year Treasury sagged to open Wednesday, boosting yields to 4.49% from Tuesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices were positive 67 cents to $61.56 U.S. a barrel.
Prices for gold dipped $7.30 to $3,293.10.
Dow, S&P Lower on Nvidia, Fed Word
