Stock Market Today: Stocks Struggle Ahead of Nvidia Earnings
The three main indexes closed lower as Wall Street awaited the AI bellwether's quarterly results.



Stocks opened higher Wednesday but lost steam as the session wore on. All eyes today were on Nvidia (NVDA), with the chipmaker releasing its fiscal first-quarter results after the close. You can follow all the coverage in our Nvidia earnings live blog.
Wall Street was also tuned into the release of the minutes from the Federal Reserve's May meeting, hoping for clues as to when the central bank could resume its rate-cutting campaign.
Indeed, after lowering the federal funds rate by a full percentage point at the end of 2024, the central bank has held it steady in its last few meetings.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Fed Chair Jerome Powell has said multiple times that the central bank is waiting for more clarity on President Donald Trump's tariff policy and that the U.S. economy is strong enough to allow for a wait-and-see approach to monetary policy.
This outlook was echoed in Wednesday afternoon's release of the Fed meeting minutes.
"Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer," the minutes stated.
And while Fed officials agreed that labor market conditions and the economy were in "solid" shape, inflation remains "somewhat elevated."
But the administration's tariffs, which were "significantly larger and broader" than the central bankers anticipated, created "unusually elevated" uncertainty to their economic outlooks.
The Fed minutes helped buoy the 2-year and 10-year Treasury yields, which ended the day at 3.992% and 4.473%, respectively.
As for the main indexes, the Dow Jones Industrial Average dropped 0.6% to 42,098, the S&P 500 fell 0.6% to 5,888, and the Nasdaq Composite gave back 0.5% to 19,100.
Abercrombie & Fitch pops after earnings
Abercrombie & Fitch (ANF) was one of the best stocks on Wednesday, surging 14.7% after the apparel retailer reported higher-than-expected fiscal first-quarter earnings of $1.59 per share on revenue of $1.1 billion.
The company also raised the top end of its full-year revenue forecast, now expecting growth of 3% to 6% – more than analysts are anticipating.
However, Abercrombie lowered its profit and operating margin outlooks due to the estimated impact of Trump's tariffs, which are expected to create a $50 million "cost impact."
Broadcom can rally another 20%, says one analyst
Broadcom (AVGO) added 1.6% on Wednesday after Melius Research analyst Ben Reitzes lifted his price target on what he calls a "must-own" chip stock to $283 from $198.
The new target price represents implied upside of nearly 20% to current levels and would be an impressive feat for a stock that's already gained more than 60% since its early April lows.
Broadcom currently has seven customers for its custom artificial intelligence (AI) chips, Reitzes says, which could translate into a serviceable addressable market of up to $210 billion by the end of this decade.
The analyst adds that the company's AI networking chips create a substantial opportunity and could see long-term annual revenue growth of 20%.
Reitzes also highlights Broadcom's $10 billion stock buyback program, which could boost shareholder returns.
AVGO is also one of Kiplinger's favorite dividend-paying stocks, having increased its payout for the past 11 years.
Broadcom will take its spot on the earnings calendar after the close next Thursday, June 5.
Related content
- Kiplinger's Economic Calendar for This Week (May 26-30)
- Can Stocks Picked by AI Beat the Market? 3 Stocks to Watch
- Hot Upcoming IPOs to Watch
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Ask the Editor — Tax Questions on the New Senior Deduction
Ask the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on the new $6,000 deduction for taxpayers 65 and older.
-
These Summer 2025 Back-to-School Tax-Free Weekends Start Now
Sales Tax Over a dozen states offer back-to-school shoppers a sales tax holiday this summer.
-
Do You Need Flood Insurance? I'm an Insurance Expert, and Here's Where You Can Get It
Standard homeowners insurance does not cover flood damage, so you might need separate flood insurance, which you can get either through FEMA or private companies. Here are the details.
-
I'm an Investment Professional: These Are the Three Money Tips I'm Giving My College Grad
College grads can help set themselves up for financial independence by focusing on emergency savings, opting into a 401(k) at work (if it's offered) and disciplined, long-term investing.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs on Retail Sales Revival
Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
New SALT Cap Deduction: Unlock Massive Tax Savings with Non-Grantor Trusts
The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.
-
Know Your ABDs? A Beginner's Guide to Medicare Basics
Medicare is an alphabet soup — and the rules can be just as confusing as the terminology. Conquer the system with this beginner's guide to Parts A, B and D.
-
I'm an Investment Adviser: Why Playing Defense Can Win the Investing Game
Chasing large returns through gold and other alternative investments might be thrilling, but playing defensive 'small ball' with your investments can be a winning formula.
-
Stock Market Today: Powell Rumors Spark Volatile Day for Stocks
Stocks sold off sharply intraday after multiple reports suggested President Trump is considering firing Fed Chair Jerome Powell.