Wall St muted after sharp rally ahead of Fed minutes
Wall Street's main indexes were subdued on Wednesday after a sharp rally in the previous session sparked by easing trade tensions, as investors awaited AI leader Nvidia's results and minutes from the US Federal Reserve's last policy meeting.
Nvidia is expected to report a 66.2 per cent surge in first-quarter revenue, according to data compiled by LSEG. Shares of the chipmaker rose 0.2 per cent ahead of its earnings, due to be released after markets close.
"There's kind of wait and see for Nvidia earnings tonight, which have become one of the big macro market movers, both because of the leverage to the AI trade and the AI theme and also because of the linkages to global trade," said Ross Mayfield, investment strategist at Baird.
Traders in the options markets are bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF, the largest semiconductor ETF.
In early trading on Wednesday, the Dow Jones Industrial Average rose 50.77 points, or 0.12 per cent, to 42,394.42, the S&P 500 gained 3.97 points, or 0.07 per cent, to 5,925.57, and the Nasdaq Composite lost 0.98 points, or zero per cent, to 19,198.18.
Most megacap and growth stocks traded up, with Google-parent Alphabet rising one per cent and Meta Platforms adding 1.2 per cent.
Six of the 11 major S&P 500 sub-sectors rose, with Communication Services and information technology showing the biggest gains.
All three main Wall Street indexes soared in the last session after US President Donald Trump backed down over the weekend from his threat of 50 per cent tariffs on imports from the European Union.
The S&P 500 is now about four per cent off its record closing high, reached on February 19, falling as much as 18.9 per cent below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term.
Minutes from the US Federal Reserve's last policy meeting, when the central bank held borrowing costs steady, are slated for release at 2pm local time.
In earnings, Michael Kors-owner Capri Holdings jumped nearly nine per cent after a positive fourth-quarter revenue report.
New York Fed President John Williams said central banks must "respond relatively strongly" when inflation begins to deviate from their target, given the high uncertainty around the economic impact of US tariffs and trade policy.
Yields on long-dated US government bonds were slightly higher after scaling multi-month highs last week. Those on the benchmark 10-year note were up 3.9 basis points at 4.47 per cent.
Global bond markets have been in the spotlight over concerns about fiscal sustainability in major economies including the United States and Japan.
Shares of sportswear retailer Dick's Sporting Goods rose 2.6 per cent after it posted positive first-quarter results.
Cybersecurity firm Okta flagged risks related to the uncertain economic environment but stuck to its full-year outlook. Its shares dropped nearly 12 per cent.
Declining issues outnumbered advancers by a 1.36-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.
The S&P 500 posted 18 new 52-week highs and no new lows, while the Nasdaq Composite recorded 38 new highs and 31 new lows.
Wall Street's main indexes were subdued on Wednesday after a sharp rally in the previous session sparked by easing trade tensions, as investors awaited AI leader Nvidia's results and minutes from the US Federal Reserve's last policy meeting.
Nvidia is expected to report a 66.2 per cent surge in first-quarter revenue, according to data compiled by LSEG. Shares of the chipmaker rose 0.2 per cent ahead of its earnings, due to be released after markets close.
"There's kind of wait and see for Nvidia earnings tonight, which have become one of the big macro market movers, both because of the leverage to the AI trade and the AI theme and also because of the linkages to global trade," said Ross Mayfield, investment strategist at Baird.
Traders in the options markets are bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF, the largest semiconductor ETF.
In early trading on Wednesday, the Dow Jones Industrial Average rose 50.77 points, or 0.12 per cent, to 42,394.42, the S&P 500 gained 3.97 points, or 0.07 per cent, to 5,925.57, and the Nasdaq Composite lost 0.98 points, or zero per cent, to 19,198.18.
Most megacap and growth stocks traded up, with Google-parent Alphabet rising one per cent and Meta Platforms adding 1.2 per cent.
Six of the 11 major S&P 500 sub-sectors rose, with Communication Services and information technology showing the biggest gains.
All three main Wall Street indexes soared in the last session after US President Donald Trump backed down over the weekend from his threat of 50 per cent tariffs on imports from the European Union.
The S&P 500 is now about four per cent off its record closing high, reached on February 19, falling as much as 18.9 per cent below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term.
Minutes from the US Federal Reserve's last policy meeting, when the central bank held borrowing costs steady, are slated for release at 2pm local time.
In earnings, Michael Kors-owner Capri Holdings jumped nearly nine per cent after a positive fourth-quarter revenue report.
New York Fed President John Williams said central banks must "respond relatively strongly" when inflation begins to deviate from their target, given the high uncertainty around the economic impact of US tariffs and trade policy.
Yields on long-dated US government bonds were slightly higher after scaling multi-month highs last week. Those on the benchmark 10-year note were up 3.9 basis points at 4.47 per cent.
Global bond markets have been in the spotlight over concerns about fiscal sustainability in major economies including the United States and Japan.
Shares of sportswear retailer Dick's Sporting Goods rose 2.6 per cent after it posted positive first-quarter results.
Cybersecurity firm Okta flagged risks related to the uncertain economic environment but stuck to its full-year outlook. Its shares dropped nearly 12 per cent.
Declining issues outnumbered advancers by a 1.36-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.
The S&P 500 posted 18 new 52-week highs and no new lows, while the Nasdaq Composite recorded 38 new highs and 31 new lows.
Wall Street's main indexes were subdued on Wednesday after a sharp rally in the previous session sparked by easing trade tensions, as investors awaited AI leader Nvidia's results and minutes from the US Federal Reserve's last policy meeting.
Nvidia is expected to report a 66.2 per cent surge in first-quarter revenue, according to data compiled by LSEG. Shares of the chipmaker rose 0.2 per cent ahead of its earnings, due to be released after markets close.
"There's kind of wait and see for Nvidia earnings tonight, which have become one of the big macro market movers, both because of the leverage to the AI trade and the AI theme and also because of the linkages to global trade," said Ross Mayfield, investment strategist at Baird.
Traders in the options markets are bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF, the largest semiconductor ETF.
In early trading on Wednesday, the Dow Jones Industrial Average rose 50.77 points, or 0.12 per cent, to 42,394.42, the S&P 500 gained 3.97 points, or 0.07 per cent, to 5,925.57, and the Nasdaq Composite lost 0.98 points, or zero per cent, to 19,198.18.
Most megacap and growth stocks traded up, with Google-parent Alphabet rising one per cent and Meta Platforms adding 1.2 per cent.
Six of the 11 major S&P 500 sub-sectors rose, with Communication Services and information technology showing the biggest gains.
All three main Wall Street indexes soared in the last session after US President Donald Trump backed down over the weekend from his threat of 50 per cent tariffs on imports from the European Union.
The S&P 500 is now about four per cent off its record closing high, reached on February 19, falling as much as 18.9 per cent below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term.
Minutes from the US Federal Reserve's last policy meeting, when the central bank held borrowing costs steady, are slated for release at 2pm local time.
In earnings, Michael Kors-owner Capri Holdings jumped nearly nine per cent after a positive fourth-quarter revenue report.
New York Fed President John Williams said central banks must "respond relatively strongly" when inflation begins to deviate from their target, given the high uncertainty around the economic impact of US tariffs and trade policy.
Yields on long-dated US government bonds were slightly higher after scaling multi-month highs last week. Those on the benchmark 10-year note were up 3.9 basis points at 4.47 per cent.
Global bond markets have been in the spotlight over concerns about fiscal sustainability in major economies including the United States and Japan.
Shares of sportswear retailer Dick's Sporting Goods rose 2.6 per cent after it posted positive first-quarter results.
Cybersecurity firm Okta flagged risks related to the uncertain economic environment but stuck to its full-year outlook. Its shares dropped nearly 12 per cent.
Declining issues outnumbered advancers by a 1.36-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.
The S&P 500 posted 18 new 52-week highs and no new lows, while the Nasdaq Composite recorded 38 new highs and 31 new lows.
Wall Street's main indexes were subdued on Wednesday after a sharp rally in the previous session sparked by easing trade tensions, as investors awaited AI leader Nvidia's results and minutes from the US Federal Reserve's last policy meeting.
Nvidia is expected to report a 66.2 per cent surge in first-quarter revenue, according to data compiled by LSEG. Shares of the chipmaker rose 0.2 per cent ahead of its earnings, due to be released after markets close.
"There's kind of wait and see for Nvidia earnings tonight, which have become one of the big macro market movers, both because of the leverage to the AI trade and the AI theme and also because of the linkages to global trade," said Ross Mayfield, investment strategist at Baird.
Traders in the options markets are bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF, the largest semiconductor ETF.
In early trading on Wednesday, the Dow Jones Industrial Average rose 50.77 points, or 0.12 per cent, to 42,394.42, the S&P 500 gained 3.97 points, or 0.07 per cent, to 5,925.57, and the Nasdaq Composite lost 0.98 points, or zero per cent, to 19,198.18.
Most megacap and growth stocks traded up, with Google-parent Alphabet rising one per cent and Meta Platforms adding 1.2 per cent.
Six of the 11 major S&P 500 sub-sectors rose, with Communication Services and information technology showing the biggest gains.
All three main Wall Street indexes soared in the last session after US President Donald Trump backed down over the weekend from his threat of 50 per cent tariffs on imports from the European Union.
The S&P 500 is now about four per cent off its record closing high, reached on February 19, falling as much as 18.9 per cent below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term.
Minutes from the US Federal Reserve's last policy meeting, when the central bank held borrowing costs steady, are slated for release at 2pm local time.
In earnings, Michael Kors-owner Capri Holdings jumped nearly nine per cent after a positive fourth-quarter revenue report.
New York Fed President John Williams said central banks must "respond relatively strongly" when inflation begins to deviate from their target, given the high uncertainty around the economic impact of US tariffs and trade policy.
Yields on long-dated US government bonds were slightly higher after scaling multi-month highs last week. Those on the benchmark 10-year note were up 3.9 basis points at 4.47 per cent.
Global bond markets have been in the spotlight over concerns about fiscal sustainability in major economies including the United States and Japan.
Shares of sportswear retailer Dick's Sporting Goods rose 2.6 per cent after it posted positive first-quarter results.
Cybersecurity firm Okta flagged risks related to the uncertain economic environment but stuck to its full-year outlook. Its shares dropped nearly 12 per cent.
Declining issues outnumbered advancers by a 1.36-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.
The S&P 500 posted 18 new 52-week highs and no new lows, while the Nasdaq Composite recorded 38 new highs and 31 new lows.
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