Stocks Are Little Changed As Traders Await Nvidia Earnings

Stocks were about flat on Wednesday as investors parsed the latest earnings reports while awaiting Federal Reserve meeting minutes and Nvidia’s quarterly figures.

Okta shares plunged more than 13% after the identity management software company kept its guidance due to macroeconomic uncertainty. On the other hand, Abercrombie & Fitch and Macy’s climbed more than 27% and 1%, respectively, following better-than-expected quarterly reports.

Investors are coming off a strong session. The 30-stock Dow rallied more than 700 points, or about 1.8%, while the S&P 500 rose 2%, each ending a four-day losing streak. The Nasdaq Composite advanced roughly 2.5%.

Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.

“It’s important for investors to look past the tariff turmoil and look at the environment where we’ll have deregulation, more onshoring. Think about the tax bill, immediate expensing from a tax basis. Greater opportunities for M&A. So, the environment post-tariffs will be a great environment for investing,” Rich Saperstein, chief investment officer of Treasury Partners, said Tuesday on CNBC’s “Closing Bell.”

“Now, in between that, we have uncertainty, which could cause a slowdown in the next two quarters,” said Saperstein. “But I would look to the environment post-tariffs into ’26, versus looking in the immediate volatility.”

Investors are awaiting Nvidia’s earnings results, set to release Wednesday after the close. They’ll be paying close attention to what China restrictions will mean for the artificial intelligence chipmaker, which sees no slowing in demand for its graphics processors.

Traders will be reviewing the minutes from the Fed’s May meeting, due out Wednesday afternoon, for insight into how central bank policymakers are thinking through monetary policy at a time of greater macroeconomic uncertainty.