Stock Market today: Dow ends lower as Nvidia slip dents tech, but Walmart shines
Investing.com — The Dow fell Tuesday, as investors turned cautious on Nvidia ahead of its quarterly results, and the minutes from the Federal Reserve's January meeting due later this week.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was down 63 points, or 0.2%, the S&P 500 index fell 0.6%, lower and the NASDAQ Composite dropped 0.9%.
NVIDIA Corporation (NASDAQ:NVDA) fell more than 4% pressuring the broader tech sector lower as investors turned cautious ahead of the chipmaker's quarterly results due Wednesday.
Ahead of Nvidia's results, some on Wall Street are expecting the company to not only beat quarterly estimates, but also deliver better than expected guidance amid AI-led chip demand.
«The only question around NVDA's near-term performance and outlook, in our view, is to what magnitude results and guidance will exceed our (and consensus estimates),» Wedbush said in a note.
Intel Corporation (NASDAQ:INTC), however, sidestepped the move lower in chip stocks to rise more than 2% after Bloomberg reported late last week that the Biden administration is in talks to award more than $10 billion in subsidies to the semiconductor firm.
The Fed is set to release the minutes of its January meeting on Wednesday that could provide more insight into the central bank’s thinking, with markets currently pricing in four quarter point rate cuts this year, starting in June.
«For now, market pricing is consistent with our call for 100bps of cuts, starting in June,» Morgan Stanley said in a note.
Following consumer and producer prices last week prompted concerns that the Federal Reserve will keep interest rates at more than two-decade highs for longer than had been expected at the start of the year.
A slew of Fed speakers
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