Traders work on the floor of the New York Stock Exchange on May 28, 2025.
NYSE
Stocks slipped on Wednesday as investors parsed the latest earnings reports and Federal Reserve meeting minutes while awaiting Nvidia’s quarterly figures.
The S&P 500 slid 0.56% to end at 5,888.55, while the Nasdaq Composite shed 0.51% and settled at 19,100.94. The Dow Jones Industrial Average fell 244.95 points, or 0.58%, and closed at 42,098.70.
Okta shares plunged more than 16% 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 Sporting Goods climbed more than 14% and nearly 2%, 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 closed marginally lower ahead of the report.
“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?”
The Fed released minutes from its May meeting Wednesday afternoon. They showed that participants found a cautious monetary policy approach to be appropriate amid a period of economic uncertainty and that it could face “difficult tradeoffs” if inflation rises.
Traders also monitored rising bond yields. Notably, the 30-year Treasury yield briefly reached the 5% level in Wednesday’s session.
Investors were coming off a strong session. On Tuesday, 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.
