Stocks Fall After Fed Minutes, Nvidia Posts Another Beat | Wall Street Today

The committee, during their April 30-May 1 meeting, found that uncertainty came from the possibility that "high interest rates may have smaller effects than in the past" and that "longer-run equilibrium interest rates may be higher than previously thought." Worse yet, some members feared U.S. economic potential output may be lower than previously estimated.

Participants said interest rates would stay put unless inflation numbers were clearly at 2%, or the labor market clearly weakens. Members said they would be willing to raise rates if "risks to inflation materialize in a way that such an action became appropriate."

This week, investors will also watch numerous Fed speeches. Federal Reserve Governor Christopher Waller said on Tuesday that if economic data continues to weaken over the next three to five months, the central bank might consider lowering interest rates by the end of 2024.

Last week, Wednesday's CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.

Meanwhile, in commodities, Crude Oil Futures pulled back 1.4%, while the EIA said crude inventories increased by 1.8M barrels after last week's 2.4M cut, alongside declines in Gold and Silver, down 1.39% and 2.6%. Bitcoin pulled back about 1%, while Eth fell 3%.

The firm posted earnings of $6.12/share compared to expectations of $5.59, based on 36 estimates. Revenue came in at $26.04B in the quarter, compared to $24.65 estimated. Eyes were on data center revenue, which made up most of the firm's profit, coming in at $22.6B vs. estimates of $21.06B.