Wall Street dips as traders await Nvidia earnings report

On Wednesday, Wall Street experienced a risk-off sentiment as traders remained cautious ahead of Nvidia's earnings report, which was anticipated after market close. Major equity indices were all in the red, reflecting a broader decline in chipmakers and technology stocks. Nvidia's earnings are particularly significant as they are the last among the Magnificent Seven megacaps to report, and investors are keenly watching for indicators of market trends. Key metrics for Nvidia include projected quarterly revenue of $28.7 billion, representing a remarkable 156% increase from the same quarter last year, and earnings per share of $0.645, which would be more than triple the earnings from 2022. The results are expected to influence whether the recent market rebound can continue or if investors should reduce their risk exposure. In other market movements, Berkshire Hathaway achieved a milestone with a $1 trillion market valuation. Meanwhile, the U.S. dollar showed a modest recovery, and Treasury yields remained stable. However, commodities like gold and silver faced declines, with oil prices also falling due to easing geopolitical tensions and less severe concerns regarding Libyan production disruptions. The performance of major U.S. indices reflected the overall market sentiment, with the Dow Jones, S&P 500, Russell 2000, and Nasdaq all experiencing losses. Notable stock movements included a significant drop for Super Micro Computer Inc. after it failed to meet a filing deadline, while other companies reacted to earnings reports with varying degrees of success. Investors are now looking ahead to Nvidia's results for further market direction.