Stock market today: Dow, S&P 500, Nasdaq slip with all eyes on Nvidia earnings
US stocks moved lower early Wednesday as investors cautiously counted down to Nvidia's (NVDA) earnings report, seen as a crucial test of hopes for Big Tech amid tariff uncertainty.
The Dow Jones Industrial Average (^DJI) fell around 0.1% on the heels of Tuesday's tariff reprieve-driven rebound. The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) both also declined more than 0.1%.
Nvidia's results are looming large as Wall Street looks for clues to AI demand, which has helped keep alive bullishness for stocks. Hopes are that the chipmaker will confirm that megacap techs can still drive gains even as trade-war fears prey on markets.
The AI bellwether is expected to report first quarter earnings after the bell on Wednesday. If it beats lofty targets for sales and profit — and crucially, delivers an upbeat outlook amid anti-China trade measures — strategists expect a broader rally in stocks.
Read more: The latest updates on Nvidia's earnings report
Before the bell, Macy's (M) posted narrow first quarter revenue and earnings beats, but it revised its 2025 outlook with tariffs uncertainty a factor. Meanwhile, Abercrombie & Fitch (ANF) shares soared over 24% in early trade as investors welcomed its quarterly report.
By subscribing, you are agreeing to Yahoo's
Terms
and
Privacy Policy
On the economic front, minutes from the Federal Reserve's meeting earlier in May are set for release later in the day. Investors are looking for additional insight into how policymakers view the economy, with the impact of President Trump's trade policy in high focus.
Read more: The latest on Trump's tariffs
Fresh data on Tuesday showed that US consumer confidence rebounded in May as Americans reacted to Trump thawing trade tensions with China earlier in the month. The stock market, meanwhile, delivered its early verdict on Trump delaying planned 50% tariffs on European Union goods.
Nations are now racing to cut deals with the Trump administration to avoid the planned US tariff hikes, with India reportedly the latest to offer to lower its own tariffs on some American products.
The Utilities (XLU) sector fell more than 1.3% leading the losses among the 11 S&P 500 (^GSPC) sectors.
Utilities are considered one of the more interest rate sensitive sectors and have lagged amid the recent rise in Treasury yields. The 10-year Treasury yield was up about 6 basis points and hovered just below 4.5% on Wednesday while the 30-year Treasury yield once again crossed above 5%.
The interest rate-sensitive Russell 2000 Index (^RUT) was also among the laggards on Thursday falling about 0.8%, far outpacing the 0.2% loss of the S&P 500.
Yahoo Finance's Ines Ferre reports:
GameStop (GME) stock sank more than 10% in early trading on Wednesday after the video game retailer announced it purchased 4,710 bitcoin (BTC-USD).
With bitcoin trading around $108,000 per token, the investment is valued at over $500 million. The token reached a record high north of $111,000 last week.
In March, the company, led by billionaire Ryan Cohen, formally announced that its board unanimously approved adding the cryptocurrency as a treasury reserve asset.
Subsequently, the meme stock tumbled nearly 25% in one session after the retailer said it intended to raise $1.3 billion via convertible senior notes to purchase bitcoin.
Read more here.
Nvidia's (NVDA) earnings and revenue beat Wall Street's expectations nearly every quarter over the past two years.
Over the past eight quarters, Nvidia's earnings per share exceeded Wall Street's projections by an average of 9.8%. Over that same time frame, Nvidia's quarterly revenue beat the Street by an average of 8.9%.
Meanwhile, S&P 500 companies reported earnings and sales roughly 5% and 1.3% above Wall Street's expectations in that time frame, according to Bloomberg data.
Only once in that period — during the second quarter of its fiscal year 2025 — did Nvidia's earnings miss forecasts. Its revenue has exceeded forecasts during each of the past eight quarters.
Read more here.
US stocks moved higher early on Wednesday as investors awaited a critical earnings report from AI bellwether Nvidia (NVDA).
The Dow Jones Industrial Average (^DJI) rose around 0.1% on the heels of Tuesday's tariff reprieve-driven rebound. The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each inched up about 0.2%.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Here's a look at some top movers trending ahead of the opening bell:
Abercrombie & Fitch (ANF) stock rocketed 27% higher in premarket trading after the retailer reported better-than-expected first quarter results and forecast strong annual sales. Adjusted earnings came in at $1.59 per share, beating expectations for $1.39 per share, as the company's Hollister brand has been resonating more with younger consumers, Reuters reported.
Trump Media & Technology Group (DJT) shares rose 2% after unveiling plans Tuesday to raise $2.5 billion to create a bitcoin (BTC-USD) treasury. The move will place bitcoin directly on the balance sheet of Trump Media, which owns the Truth Social platform. Bitcoin is hovering near all-time highs.
Okta (OKTA) stock tumbled 12% despite reporting better-than-expected earnings on Wednesday. The identity software company announced it would take a "prudent approach" to its financial outlook and reiterated its guidance, alluding to economic uncertainty.
Macy's (M) stock rose 4% after surpassing Wall Street's earnings expectations. But the company still faces questions about its future as management aims to turn the retailer around.
Joby Aviation (JOBY) shares surged 11% after Toyota (TM) invested $250 million in the electric vertical take-off and landing (eVTOL) aircraft maker, becoming its largest shareholder. Joby expects a second tranche of funding from Toyota, completing its $500 million commitment, will land later this year.
Nvidia (NVDA) stock traded slightly higher on Wednesday morning ahead of its earnings report after the closing bell, considered to be the most highly anticipated of the season. You can follow along with our live updates of Nvidia's results here.
Check out more trending tickers on the Yahoo Finance platform here.
GameStop (GME) stock rose early Wednesday as the company revealed a sizable bitcoin (BTC-USD) purchase.
Reuters reports:
As the report notes, the bitcoin play is the latest unorthodox move to draw investor interest to a brick-and-mortar video game seller that vaulted into the public consciousness during the 2021 meme-stock craze. GameStop's stock has been rallying in recent days amid bitcoin's surge to new highs.
GameStop's reveal comes a day after President Trump's media company, Trump Media & Technology Group (DJT), said it is looking to raise some $2.5 billion to buy bitcoin.
Read more here.
Macy's (M) stock gained 3% in premarket trading after the beleaguered retailer cleared a low bar for earnings expectations set by Wall Street.
Revenue fell 5.1% compared to the same period last year, and adjusted earnings per share dropped 40.7%, but both measures topped analyst estimates for the quarter.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Yahoo Finance's Hamza Shaban reports:
Read more here from today's Morning Brief.
Economic data: MBA Mortgage Applications (week ending May 23); Richmond Fed manufacturing index (May); FOMC meeting minutes (May meeting)
Earnings: Nvidia (NVDA), Abercrombie & Fitch (ANF), BMO (BMO), C3.AI (AI), Dick's Sporting Goods (DKS), e.l.f. Beauty (ELF), Macy's (M), Salesforce (CRM)
Investors are nervously awaiting Nvidia's (NVDA) earnings report on Wednesday, seeing it as an important sign for Big Tech amid unclear times with Trump tariffs.
Here are some of the biggest stories you may have missed overnight and early this morning:
Nvidia suppliers fix Blackwell rack issues in boost to sales
Wall Street braces for Nvidia earnings
Trade truces are clearly bullish — but have a crucial flaw
Tariffs latest: Nations race to cut deals with Trump
Trump: Fannie Mae to keep US guarantee as public firm
YF Senior columnist Rick Newman: Why Trump is waging war on colleges
SpaceX Starship rocket fails to deploy satellites and explodes
Musk criticizes Trump's 'big, beautiful' spending bill
China deflation worries deepen even amid US trade truce
Bloomberg reports:
Read more here.
Okta (OKTA) stock dropped by 12% on Wednesday in premarket trading after the tech company reported its first-quarter earnings the day before.
Despite beating Q1 earnings and revenue estimates, the company reiterated its full-year revenue outlook, factoring in a potential risk related to the uncertain economic environment.
CEO, Todd McKinnon said: "Okta had a solid start to FY26 highlighted by record operating profit and another quarter of robust free cash flow."
"The world's biggest organizations continue to turn to Okta to solve identity security across their workforces, customers, and AI use cases."
McKinnon explained that they would continue a "prudent approach to forward guidance… factoring in potential risks related to the uncertain economic environment for the remainder of FY26."
Oil rose today, with an OPEC+ meeting on the horizon to address potential supply issues. Meanwhile, the US is entering the early stages of prospective sanctions on Russia.
Bloomberg reports:
Read more here.
The Utilities (XLU) sector fell more than 1.3% leading the losses among the 11 S&P 500 (^GSPC) sectors.
Utilities are considered one of the more interest rate sensitive sectors and have lagged amid the recent rise in Treasury yields. The 10-year Treasury yield was up about 6 basis points and hovered just below 4.5% on Wednesday while the 30-year Treasury yield once again crossed above 5%.
The interest rate-sensitive Russell 2000 Index (^RUT) was also among the laggards on Thursday falling about 0.8%, far outpacing the 0.2% loss of the S&P 500.
Yahoo Finance's Ines Ferre reports:
GameStop (GME) stock sank more than 10% in early trading on Wednesday after the video game retailer announced it purchased 4,710 bitcoin (BTC-USD).
With bitcoin trading around $108,000 per token, the investment is valued at over $500 million. The token reached a record high north of $111,000 last week.
In March, the company, led by billionaire Ryan Cohen, formally announced that its board unanimously approved adding the cryptocurrency as a treasury reserve asset.
Subsequently, the meme stock tumbled nearly 25% in one session after the retailer said it intended to raise $1.3 billion via convertible senior notes to purchase bitcoin.
Read more here.
Nvidia's (NVDA) earnings and revenue beat Wall Street's expectations nearly every quarter over the past two years.
Over the past eight quarters, Nvidia's earnings per share exceeded Wall Street's projections by an average of 9.8%. Over that same time frame, Nvidia's quarterly revenue beat the Street by an average of 8.9%.
Meanwhile, S&P 500 companies reported earnings and sales roughly 5% and 1.3% above Wall Street's expectations in that time frame, according to Bloomberg data.
Only once in that period — during the second quarter of its fiscal year 2025 — did Nvidia's earnings miss forecasts. Its revenue has exceeded forecasts during each of the past eight quarters.
Read more here.
US stocks moved higher early on Wednesday as investors awaited a critical earnings report from AI bellwether Nvidia (NVDA).
The Dow Jones Industrial Average (^DJI) rose around 0.1% on the heels of Tuesday's tariff reprieve-driven rebound. The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each inched up about 0.2%.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Here's a look at some top movers trending ahead of the opening bell:
Abercrombie & Fitch (ANF) stock rocketed 27% higher in premarket trading after the retailer reported better-than-expected first quarter results and forecast strong annual sales. Adjusted earnings came in at $1.59 per share, beating expectations for $1.39 per share, as the company's Hollister brand has been resonating more with younger consumers, Reuters reported.
Trump Media & Technology Group (DJT) shares rose 2% after unveiling plans Tuesday to raise $2.5 billion to create a bitcoin (BTC-USD) treasury. The move will place bitcoin directly on the balance sheet of Trump Media, which owns the Truth Social platform. Bitcoin is hovering near all-time highs.
Okta (OKTA) stock tumbled 12% despite reporting better-than-expected earnings on Wednesday. The identity software company announced it would take a "prudent approach" to its financial outlook and reiterated its guidance, alluding to economic uncertainty.
Macy's (M) stock rose 4% after surpassing Wall Street's earnings expectations. But the company still faces questions about its future as management aims to turn the retailer around.
Joby Aviation (JOBY) shares surged 11% after Toyota (TM) invested $250 million in the electric vertical take-off and landing (eVTOL) aircraft maker, becoming its largest shareholder. Joby expects a second tranche of funding from Toyota, completing its $500 million commitment, will land later this year.
Nvidia (NVDA) stock traded slightly higher on Wednesday morning ahead of its earnings report after the closing bell, considered to be the most highly anticipated of the season. You can follow along with our live updates of Nvidia's results here.
Check out more trending tickers on the Yahoo Finance platform here.
GameStop (GME) stock rose early Wednesday as the company revealed a sizable bitcoin (BTC-USD) purchase.
Reuters reports:
As the report notes, the bitcoin play is the latest unorthodox move to draw investor interest to a brick-and-mortar video game seller that vaulted into the public consciousness during the 2021 meme-stock craze. GameStop's stock has been rallying in recent days amid bitcoin's surge to new highs.
GameStop's reveal comes a day after President Trump's media company, Trump Media & Technology Group (DJT), said it is looking to raise some $2.5 billion to buy bitcoin.
Read more here.
Macy's (M) stock gained 3% in premarket trading after the beleaguered retailer cleared a low bar for earnings expectations set by Wall Street.
Revenue fell 5.1% compared to the same period last year, and adjusted earnings per share dropped 40.7%, but both measures topped analyst estimates for the quarter.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Yahoo Finance's Hamza Shaban reports:
Read more here from today's Morning Brief.
Economic data: MBA Mortgage Applications (week ending May 23); Richmond Fed manufacturing index (May); FOMC meeting minutes (May meeting)
Earnings: Nvidia (NVDA), Abercrombie & Fitch (ANF), BMO (BMO), C3.AI (AI), Dick's Sporting Goods (DKS), e.l.f. Beauty (ELF), Macy's (M), Salesforce (CRM)
Investors are nervously awaiting Nvidia's (NVDA) earnings report on Wednesday, seeing it as an important sign for Big Tech amid unclear times with Trump tariffs.
Here are some of the biggest stories you may have missed overnight and early this morning:
Nvidia suppliers fix Blackwell rack issues in boost to sales
Wall Street braces for Nvidia earnings
Trade truces are clearly bullish — but have a crucial flaw
Tariffs latest: Nations race to cut deals with Trump
Trump: Fannie Mae to keep US guarantee as public firm
YF Senior columnist Rick Newman: Why Trump is waging war on colleges
SpaceX Starship rocket fails to deploy satellites and explodes
Musk criticizes Trump's 'big, beautiful' spending bill
China deflation worries deepen even amid US trade truce
Bloomberg reports:
Read more here.
Okta (OKTA) stock dropped by 12% on Wednesday in premarket trading after the tech company reported its first-quarter earnings the day before.
Despite beating Q1 earnings and revenue estimates, the company reiterated its full-year revenue outlook, factoring in a potential risk related to the uncertain economic environment.
CEO, Todd McKinnon said: "Okta had a solid start to FY26 highlighted by record operating profit and another quarter of robust free cash flow."
"The world's biggest organizations continue to turn to Okta to solve identity security across their workforces, customers, and AI use cases."
McKinnon explained that they would continue a "prudent approach to forward guidance… factoring in potential risks related to the uncertain economic environment for the remainder of FY26."
Oil rose today, with an OPEC+ meeting on the horizon to address potential supply issues. Meanwhile, the US is entering the early stages of prospective sanctions on Russia.
Bloomberg reports:
Read more here.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
At least 6 Waymo autonomous vehicles have been vandalized amid anti-ICE protests in Los Angeles
At least six Waymo self-driving cars have been damaged by the violence taking place in Los Angeles in recent days amid protests against federal immigration raids, according to a representative for the company. The autonomous vehicles, as well as some Lime electric scooters, have been vandalized, and in some cases set on fire and completely destroyed. Videos of people climbing the Waymo robotaxis and bashing in the windshields, as well as clips of Waymo cars engulfed in flames, were shared widely online, quickly becoming key imagery of the protests in downtown Los Angeles. The Los Angeles Police Department warned people on Sunday to steer clear of the area, due to the risk of toxin exposure from electric batteries catching on fire. All of the self-driving taxis deployed by Waymo, which is owned by Alphabet, are electric. 'Burning lithium-ion batteries release toxic gases, including hydrogen fluoride, posing risks to responders and those nearby,' the department warned in a social media post. No Waymo riders or employees were harmed during the incidents, and passengers had exited vehicles before they were vandalized, according to a Waymo spokesman. The company stopped service downtown on Monday as the protests continued, though Waymo continued to operate in the broader Los Angeles region. 'Out of an abundance of caution given the recent activity, we removed vehicles from Downtown Los Angeles and will not be serving that specific area of LA at the moment,' a Waymo spokesman said in a statement, noting that the company is working with the police department and other authorities to assess the situation. It's not clear whether protesters decided to specifically target the Waymo cars or the Lime scooters, and it's possible that the vehicles and scooters were in an unfortunate place as the protests escalated. The Los Angeles Department referred all questions to Waymo and said it did not know if any incident reports had been filed at this time. Waymo declined to comment on the total estimated damage, and Lime declined to comment. Analysts have estimated that the Waymo Jaguar I-Pace SUVs, which are equipped with radar and lidar equipment, cost between $150,000 to $200,000 each. In San Francisco, where anti-ICE protests have also been ongoing, there was another isolated instance of a Waymo being vandalized, according to the company. Self-driving vehicles have periodically become the targets of vandals, with instances of tire slashing or people throwing fireworks into the vehicles. A couple years ago, a man with a hatchet chased several self-driving Cruise taxis around the streets of San Francisco—sometimes when there were passengers inside. President Donald Trump ordered the National Guard to intervene in Los Angeles on Saturday. Protesters clashed with police, dumpsters were vandalized, and the Los Angeles Police Department shared videos on social media of a store being looted. By Monday, the protests had calmed, though there was still a large group of protestors marching downtown. Waymo, which operates in San Francisco, Phoenix, Los Angeles, and Austin, and is planning to launch in Austin and Miami, is currently the only robotaxi company in the U.S. offering commercial operations in several different markets. Tesla is preparing to launch a robotaxi service in Austin this month, although the rollout will be very limited with just 10 to 20 vehicles at first. Waymo said it had surpassed 10 million paid rides near the end of May. This story was originally featured on
Yahoo
13 minutes ago
- Yahoo
Amazon Pledges $20 Billion for Pennsylvania Data Centers
Amazon (NASDAQ:AMZN) is set to pour $20 billion into Pennsylvania for new AWS data-center campuses, fueling its AI and cloud ambitions while creating over 1,250 high-skilled jobs. Warning! GuruFocus has detected 2 Warning Sign with AMZN. The first two innovation hubs will rise in Luzerne and Bucks countiesSalem and Falls townships respectivelywith additional sites under review, Governor Josh Shapiro said. Since 2010, Amazon has plowed more than $26 billion into Pennsylvania infrastructure and payroll, generating 27,000 direct jobs. This latest boost will also support thousands of roles across the AWS data-center supply chain and is paired with a $250,000 Amazon Northeastern Pennsylvania Community Fund for STEM, sustainability, digital skills, culture and health grants. One Luzerne facility sits alongside the Susquehanna nuclear plant owned by Talen Energy; Amazon's $650 million purchase of that site to tap up to 960 MW has drawn FERC scrutiny over grid-fairness and power allocation issuesthe first such case before the commission. Amazon and Talen must address concerns that shifting power to data centers could disadvantage other consumers and skirt grid-use fees. Amazon didn't immediately comment on FERC's review. Tech peers like Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) are also investing billions in AI-ready data centers, but Amazon's Pennsylvania commitment stands out for its scale and local job impact. Why It Matters: Amazon's massive spend underscores the critical role of hyperscale data centers in supporting AI growth and confirms Pennsylvania's emergence as a cloud-computing hub. This article first appeared on GuruFocus.
Yahoo
15 minutes ago
- Yahoo
Labour MPs in call for benefits U-turn after change to winter fuel payment cut
Labour backbenchers have called for a Government U-turn on planned disability benefit cuts, after Chancellor Rachel Reeves restored winter fuel payments to a majority of pensioners. Ms Reeves' £1.25 billion plan unveiled on Monday will see automatic payments worth up to £300 given to pensioners with an income less than £35,000 a year. It followed last year's decision to strip pensioners of the previously universal scheme, unless they claimed certain benefits, such as pension credit. Nadia Whittome, the Labour MP for Nottingham East, warned ministers they risked making a 'similar mistake' if they tighten the eligibility criteria for personal independence payments, known as Pip. Leeds East MP Richard Burgon called on pensions minister Torsten Bell to 'listen now' so that backbenchers can help the Government 'get it right'. In her warning, Ms Whittome said she was not asking Mr Bell 'to keep the status quo or not to support people into work' and added: 'I'm simply asking him not to cut disabled people's benefits.' The pensions minister, who works in both the Treasury and Department for Work and Pensions, replied that the numbers of people receiving Pip is set to 'continue to grow every single year in the years ahead, after the changes set out by this Government'. In its Pathways to Work green paper, the Government proposed a new eligibility requirement, so Pip claimants must score a minimum of four points on one daily living activity, such as preparing food, washing and bathing, using the toilet or reading, to receive the daily living element of the benefit. 'This means that people who only score the lowest points on each of the Pip daily living activities will lose their entitlement in future,' the document noted. Mr Burgon told the Commons: 'As a Labour MP who voted against the winter fuel payment cuts, I very much welcome this change in position, but can I urge the minister and the Government to learn the lessons of this and one of the lessons is, listen to backbenchers? 'If the minister and the Government listen to backbenchers, that can help the Government get it right, help the Government avoid getting it wrong, and so what we don't want is to be here in a year or two's time with a minister sent to the despatch box after not listening to backbenchers on disability benefit cuts, making another U-turn again.' Mr Bell replied that it was 'important to listen to backbenchers, to frontbenchers'. Opposition MPs cheered when the minister added: 'It's even important to listen to members opposite on occasion.' Liberal Democrat MP Mike Martin warned that 'judging by the questions from his own backbenchers, it seems that we're going to have further U-turns on Pip and on the two-child benefit cap'. The Tunbridge Wells MP asked Mr Bell: 'To save his colleagues anguish, will he let us know now when those U-turns are coming?' The minister replied: 'What Labour MPs want to see is a Labour Government bringing down child poverty, and that's what we're going to do 'What Labour MPs want to see is a Government that can take the responsible decisions, including difficult ones on tax and on means testing the winter fuel payment so that we can invest in public services and turn around the disgrace that has become Britain's public realm for far too long.' Conservative former work and pensions secretary Esther McVey had earlier asked whether the Chancellor, 'now that she and the Government have got a taste for climbdowns', would 'reverse the equally ridiculous national insurance contribution (Nic) rises, which is destroying jobs, and the inheritance tax changes, which is destroying farms and family businesses'. Mr Bell said: 'This is a party opposite that has learned no lessons whatsoever, that thinks it can come to this chamber, call for more spending, oppose every tax rise and expect to ever be taken seriously again – they will not.' Labour MP Rebecca Long-Bailey pressed the Government to make changes to the two-child benefit cap, which means most parents cannot claim for more than two children. 'It's the right thing to do to lift pensioners out of poverty, and I'm sure that both he and the Chancellor also agree that it's right to lift children out of poverty,' the Salford MP told the Commons. 'So can he reassure this House that he and the Chancellor are doing all they can to outline plans to lift the two-child cap on universal credit as soon as possible?' Mr Bell replied: 'All levers to reduce child poverty are on the table. 'The child poverty strategy will be published in the autumn.' He added: 'If we look at who is struggling most, having to turn off their heating, it is actually younger families with children that are struggling with that. 'So she's absolutely right to raise this issue, it is one of the core purposes of this Government, we cannot carry on with a situation where large families, huge percentages of them, are in poverty.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data