US stocks slipped on Wednesday as investors counted down to high-stakes earnings from AI darling Nvidia (NVDA) and the release of Federal Reserve minutes which reiterated the central bank's focus on not cutting interest rates too soon. The S&P 500 (^GSPC) dropped more than 0.1%, while the Dow Jones Industrial Average (^DJI) shed 0.1%, or 40 points. The tech-heavy Nasdaq Composite (^IXIC) led the way lower, down 0.6% on the heels of Tuesday's declines.
Stocks are lagging, with the focus fixed on looming results from Nvidia, whose shares fell 4% on Tuesday for their worst day since Oct. 17 as investors positioned for the release. The stock extended that loss on Wednesday, falling more than 3% heading into its earnings release. Expectations are running high for the chipmaker's fourth quarter results, seen both as a barometer for the AI trade and as a potential turning point for stocks more broadly. The market is on edge for any disappointment in the report, expected after the bell. Nvidia is one of a small group of megacaps behind a big chunk of recent gains for stock indexe