FX.co ★ U.S. Stocks Little Changed Ahead Of Nvidia Earnings, Fed Minutes

**Market Overview**

Stock prices exhibited a lack of clear direction throughout Wednesday's trading, continuing the tepid performance from the previous session. The major indices fluctuated around the flatline throughout the day.

**Current Indices**

As of now, the major averages remain largely unchanged. The Nasdaq has inched up by 3.96 points, or less than 0.1%, to 16,836.58. Meanwhile, the Dow Jones Industrial Average has dipped by 13.39 points, or less than 0.1%, to 39,859.60, and the S&P 500 is down by 1.78 points, or less than 0.1%, at 5,319.63.

**Market Sentiment**

Investor hesitancy is palpable as traders await the release of quarterly results from Nvidia (NVDA), a prominent player in the AI sector. Nvidia is set to announce its fiscal first-quarter earnings after market close today, with forecasts indicating substantial revenue and earnings growth.

Additionally, traders are cautious ahead of the Federal Reserve's latest monetary policy meeting minutes, expected this afternoon. Insights from the minutes could reshape expectations for interest rates, especially given recent statements from Fed officials hinting that rates might remain elevated for a longer period than previously anticipated.

Although forecasts suggest a high likelihood of rate reductions by September, the probability has slid to 74.4% from nearly 90% last week, according to CME Group's FedWatch Tool.

**Market Movers**

In individual stock movements:

- **Target (TGT)** shares have plummeted sharply following the company's underwhelming first-quarter earnings, which fell short of analyst forecasts.

- **Hims & Hers Health (HIMS)** has also seen a significant decline after Citi downgraded the telehealth company's stock to Neutral from Buy.

- Conversely, **Analog Devices (ADI)** has surged after reporting better-than-expected fiscal second-quarter results.

- **Shopify (SHOP)** shares have risen notably following an upgrade from Goldman Sachs, which raised the stock's rating to Buy from Neutral.

**Sector Overview**

Most major sectors showed only minor changes; however, oil service stocks experienced considerable weakness, dragging the Philadelphia Oil Service Index down by 2.6%. This sectoral decline follows a report revealing an unexpected increase in U.S. crude oil inventories last week.

The gold sector also faced substantial pressure as gold prices dropped sharply, pulling the NYSE Arca Gold Bugs Index down by 2.6%.

Additionally, housing stocks weakened notably due to a report showing a continued decline in existing home sales. Other sectors such as oil producers, natural gas, and steel stocks also saw downward movements, while biotechnology stocks displayed notable strength.

**Global Markets**

Asian-Pacific markets generally trended lower on Wednesday, with Japan's Nikkei 225 Index decreasing by 0.9% and Hong Kong's Hang Seng Index slightly down by 0.1%.

European markets followed a similar trend, with Germany's DAX Index falling by 0.3%, France's CAC 40 Index dropping by 0.7%, and the UK's FTSE 100 Index declining by 0.8%.

**Bond Market**

In U.S. bond markets, Treasury yields have rebounded near the unchanged line after a weak start. Consequently, the yield on the benchmark ten-year note increased marginally by less than a basis point to 4.422%.

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