Stocks are little changed as traders await Nvidia earnings: 

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

The S&P 500 traded down 0.1%, as did the Nasdaq Composite. The Dow Jones Industrial Average fell 49 points, or 0.1%.

Okta shares plunged 12% after the identity management software company kept its guidance steady despite a better-than-expected quarter due to macroeconomic uncertainty. On the other hand, Abercrombie & Fitch and Dick’s climbed more than 27% and 1%, respectively, following quarterly reports.

Nvidia is set to report earnings after the bell. Investors will 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. Shares were little changed during the session.

“The big drivers of the economy that’s kind of keeping it out of a recession and keeping corporate profits positive is consumer spending and business investment,” said Tom Hainlin, senior investment strategist at U.S. Bank. “Nvidia’s a key indicator of: Did businesses accelerate their investments?”

At 2 p.m. ET, the Fed is expected to release the minutes from its May meeting. Wall Street will look for clues into how central bank officials are thinking through monetary policy at a time of greater macroeconomic uncertainty.

Traders also monitored rising bond yields. Notably, the 30-year Treasury yield reached the 5% level in Wednesday’s session.

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.

BY: Alex Harring