US stocks opened mixed on Tuesday, as investors awaited Nvidia (NVDA) results and looked to retail earnings and Fedspeak for clues on the economy.
The S&P 500 (^GSPC) is down about 0.1% while the Dow Jones Industrial Average (^DJI) is hovering near the flat line. Meanwhile, the Nasdaq Composite (^IXIC) fell nearly 0.4% after ending Monday at a record high.
Investors are looking to companies for a signal in the absence of high-level economic data releases.
The focus is firmly on Nvidia’s highly anticipated earnings report on Wednesday, which is expected to spur a big move in its stock price and spur shares more broadly. A rise in the price of the artificial intelligence chip maker helped lift the Nasdaq Composite Index to a record high on Monday.
Meanwhile, investors are getting a flurry of quarterly reports from retailers to scrutinize the guidance of consumer spending and the health of the economy.
Lowe’s (Low) sales fell less than expected as cash-strapped Americans continued to spend on small repairs, while Macy’s (M) shares rose after the department store chain’s profits broke a low. AutoZone (AZO) and Urban Outfitters (URBN) are also on the agenda.
Investors are also listening closely to speeches from Federal Reserve officials, as a dearth of economic releases is starving discussion of interest rate cuts. Tuesday’s lineup includes Cleveland Fed President Christopher Waller, among others.
Read more: How does the labor market affect inflation?
In recent days, policymakers have emphasized the message that inflation may not be reliably calm enough to lower interest rates from their current historic highs. More insight — and a key test of optimism about cuts — will come in the release of the Fed’s meeting minutes on Wednesday in May.
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