Wall Street Remains Steady as Nvidia Earnings Approach; Macy’s Updates

US stocks demonstrated resilience on Wednesday, maintaining their upward trajectory following a significant rebound that has brought major indexes close to record highs. Investors are closely monitoring corporate earnings, particularly from Nvidia, while also processing mixed signals from global markets and recent updates from the retail sector.

Market Performance and Investor Sentiment

In early trading, the S&P 500 saw a modest increase of 0.1%, continuing its steady climb fueled by optimism that the most challenging trade-related disruptions during President Donald Trump’s administration may be subsiding. The Nasdaq composite rose by 0.2%, largely driven by anticipation surrounding Nvidia’s upcoming earnings report. Meanwhile, the Dow Jones Industrial Average remained relatively unchanged, reflecting a cautious approach among investors. Retail stocks played a significant role in the day’s gains, with Abercrombie & Fitch experiencing a surge after surpassing analyst expectations for both profit and revenue. Macy’s also saw a 3% increase, despite reporting year-on-year declines in revenue and profit. The retailer maintained its sales forecast for the year, acknowledging a shift in consumer spending habits influenced by ongoing trade tensions.

Corporate Earnings and Nvidia’s Anticipated Results

Investors are eagerly awaiting Nvidia’s first-quarter earnings report, scheduled for release after the market closes. The California-based chipmaker, recognized as a pivotal player in the artificial intelligence sector, is projected to report earnings of 73 cents per share on sales of $43 billion, a significant increase from 61 cents per share and $26 billion in sales from the previous year. Analysts are particularly focused on whether Nvidia can extend its impressive streak of exceeding Wall Street expectations for an eighth consecutive quarter. Despite Nvidia’s strong market position, the year 2025 has been marked by volatility for chipmakers, with Nvidia’s share price experiencing stagnation after doubling in 2023. A recent reversal of Biden-era restrictions on AI chip exports may provide a new boost for the company.

Global Market Reactions and Economic Indicators

Later in the day, the Federal Reserve is set to release minutes from its recent policy meeting, where officials decided to keep interest rates unchanged for the third consecutive time. This decision was influenced by rising concerns regarding unemployment and inflation, which have been exacerbated by the current trade tariff environment. In international markets, Japan’s Nikkei 225 closed mostly flat following a lackluster auction of 40-year government bonds, indicating weak demand as the Bank of Japan reduces its bond purchases. Meanwhile, South Korea’s Kospi rose by 1.3%, buoyed by strong performances from tech giants like Samsung Electronics and SK Hynix. In contrast, New Zealand’s NZX 50 fell by 1.8% after the central bank cut interest rates by 0.25 percentage points to 3.25%.

Commodity Prices and Currency Movements

In commodity markets, oil prices experienced an uptick following the expiration of US authorization for Chevron to export Venezuelan crude oil. The Trump administration has been working to reduce US reliance on Venezuelan energy sources. As a result, US benchmark crude rose by 62 cents to $61.51 per barrel, while Brent crude increased by 58 cents to reach $64.15 per barrel. In currency trading, the dollar strengthened slightly against the yen, reaching 144.45, while the euro dipped to $1.1320. These movements reflect ongoing adjustments in the financial markets as investors respond to both domestic and international economic developments.

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