US stocks listless in countdown to Nvidia results, Fed minutes

Nvidia has emerged as the third-largest U.S. company by after a more-than 92% surge in its shares this year and an over-threefold jump in 2023.

The company's shares were down 0.5%, after hitting a nearly two-month high on Tuesday.

"The most important piece of the puzzle is whether Nvidia meets and beats expectations on the revenue line... investors have certainly ramped up their expectations of a beat quarter," said Art Hogan, chief market strategist at B. Riley Wealth.

Wall Street's recent bull run has carried all three major indexes to record highs this month, driven by a strong as well as renewed hopes for and a so-called soft landing for the U.S. economy.

The briefly touched a fresh record high in choppy trading.

Analysts polled by Reuters see the S&P 500 closing the year near current levels, at 5,302 points, but warned the index's strong run means it risks a correction in the coming months.

Investors are also keenly awaiting minutes from the U.S. central bank's latest policy meeting, due at 2 p.m. ET, for clarity on the timing of a . Several policymakers have reiterated the need to wait for further signs of easing inflation before cutting rates.

"We have every Fed President and governor with the microphone leaving no unexpressed thoughts out there... We've got a pretty good handle on where everybody stands," Hogan said.

Traders see 72% odds of the Fed cutting rates in September by at least 25 basis points, according to CME's FedWatch Tool.

At 11:28 a.m. ET, the Industrial Average was down 47.64 points, or 0.12%, at 39,825.35, the S&P 500 was down 1.70 points, or 0.03%, at 5,319.71, and the Nasdaq Composite was up 17.61 points, or 0.10%, at 16,850.24.

Chipmaker jumped 7.8%, boosting the S&P 500 Information Technology index after forecasting third-quarter revenue above expectations.

Energy was the worst hit sector, down 1.7%, tracking lower oil prices.

Retailer dropped 7.5% after its quarterly earnings and current-quarter forecast missed estimates.

parent gained 5.2% after raising its annual profit forecast.

Chinese e-commerce firm lost 8.3% following a bearish report from Grizzly Research.

Declining issues outnumbered advancers for a 1.82-to-1 ratio on the NYSE and for a 1.15-to-1 ratio on the Nasdaq.

The S&P index recorded 42 new 52-week highs and five new lows, while the Nasdaq recorded 65 new highs and 77 new lows.