Nvidia shares fell ahead of the report

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Key points:

  • Markets fell on concerns about Nvidia.
  • Walmart curbed Dow Jones decline.
  • Investors will monitor the minutes of the Fed meeting and comments from Fed representatives.

On Tuesday, major U.S. stock market indices concluded the day with losses, particularly the Nasdaq, which experienced the most significant decline. The primary factor contributing to this downturn was investor apprehension regarding chipmaker Nvidia, stemming from anticipation surrounding its highly awaited earnings report. However, gains in Walmart helped mitigate losses in the Dow Industrials.

Nvidia’s shares registered a notable decline of 4.35%, marking the most substantial daily percentage drop since October 17. This downturn also impacted the broader Philadelphia Semiconductor Index, which fell by 1.56%. Consequently, shares of various other chip companies also experienced a 1.56% decrease.

The S&P 500 saw a reduction of 30.06 points, equivalent to a 0.60% decline, ultimately closing at 4,975.51. Simultaneously, the Nasdaq Composite dropped by 144.87 points, representing a 0.92% decrease, to settle at 15,630.78. The Dow Jones Industrial Average experienced a slight dip of 64.19 points, or 0.17%, concluding the day at 38,56.80.

Earlier market events

Investor apprehension is mounting regarding Nvidia’s quarterly results, which are eagerly anticipated after Wednesday’s market close. Nvidia’s ascension to the third-largest U.S. company, surpassing Tesla as the most traded stock on Wall Street, has been fueled by bets on artificial intelligence.

While Super Micro Computer’s shares have seen recent gains, they experienced a 1.96% decline in the latest trading session. The momentum in Wall Street’s weekly rally was interrupted last week, influenced by better-than-expected U.S. inflation data, which tempered expectations for the Federal Reserve’s timing of a rate cut.

Economists are now leaning toward predicting a rate cut in June and have acknowledged the potential for a further delay in the initial cut. Investors are eagerly anticipating the release of minutes from the Fed’s recent policy meeting, along with comments from several central bank officials later this week.

What limited the decline?

Walmart achieved a historic closing high and emerged as the top performer in the Dow Industrials. The U.S. retail giant’s optimistic outlook for fiscal 2025 sales, surpassing Wall Street estimates, along with a 9% increase in its annual dividend, contributed to this success.

Within the 11 major S&P sectors, the S&P 500 consumer staples index, which includes Walmart, experienced a 1.13% increase and stood out as the sole leading performer. The S&P 500 recorded 29 new 52-week highs and 3 new lows, while the Nasdaq marked 111 new highs and 95 new lows.


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