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US stocks slipped on Wednesday as investors counted down to high-stakes earnings from AI darling Nvidia (NVDA) and the release of Federal Reserve minutes that could set hopes for interest rates.
The S&P 500 (^GSPC) dropped roughly 0.3%, while those on the Dow Jones Industrial Average (^DJI) shed 0.4%. The tech-heavy Nasdaq Composite (^IXIC) led the way lower, down 0.5% on the heels of Tuesday's declines.
Stocks are lagging, with the focus fixed on looming results from Nvidia, whose shares fell 4% on Tuesday for their worst day since Oct. 17 as investors positioned for the release. Expectations are running high for the chipmaker's fourth quarter results, seen both as a barometer for the AI trade and as a potential turning point for stocks more broadly.
The market is on edge for any disappointment in the report, expected after the bell. Nvidia is one of a small group of megacaps behind a big chunk of recent gains for stock indexes. Mixed prospects for growth among those "Magnificent Seven" stocks have prompted hedge funds to cut holdings, according to Goldman Sachs.
In corporates, shares of Palo Alto Networks (PANW) tumbled over 25% after the cybersecurity provider cut its annual revenue forecast, igniting concerns about a potential pullback in tech spending. Meanwhile, Walgreens shares (WBA) slid 3% after the pharmacy giant lost its spot on the blue-chip Dow index to Amazon (AMZN).
The wait is also on for minutes from the Fed's January meeting, scrutinized for insight into whether policymakers are anywhere near likely to ease up on interest rates. Recent discouraging data has prompted a wavering in conviction that the central bank will cut rates in June, seen as the most probable timing.
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