NEW YORK: Wall Street stocks were essentially flat early Wednesday following mixed earnings as markets awaited Federal Reserve meeting minutes and Nvidia earnings.
With its envelope-pushing artificial intelligence technology, Nvidia has been an influential stock throughout 2024, helping to lift the Nasdaq to repeat records, including in the last two days.
“The market is geared up to hear what Nvidia reports, but more to the point, it is geared up to see how Nvidia trades after the report and the effect that has on the broader market,” said Briefing.com analyst Patrick O’Hare.
US stocks edge down from records
About 15 minutes into trading, the Dow Jones Industrial Average was flat at 39,859.76.
The broad-based S&P 500 was also unchanged at 5,320.43, while the tech-rich Nasdaq Composite Index stood at 16,838.35, essentially level with Tuesday’s record close.
Wednesday’s calendar also includes a release of minutes from the last Federal Reserve meeting.
Among individual companies, Target slumped 8.3 percent after reporting a drop of 3.7 percent in comparable sales in the first quarter. The big-box retailer characterized the results as in line with expectations.
Others reporting included TJX, which rose 6.2 percent and Williams-Sonoma, which jumped 9.0 percent.
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