Wall Street Today | Waiting for Nvidia: Market Stalls Before Computing Firm Beats On Earnings

Stocks closed higher Wednesday after staying low in preparation for Nvidia earnings that excited the market after trading closed, beating expectations.

FOMC meeting minutes showed that most members expressed caution toward cutting rates too early, but the same number believed that rates had reached their height for this tightening session.

The FOMC released its meeting minutes from the January rate-setting meeting. Many officials noted the risks of cutting rates too quickly.

Members, however, agreed to change a statement for the press release that meant rates might go up: Members believed rates had reached their height for this tightening cycle.

"Given their assessment of the policy rate being likely at its peak for this tightening cycle, [the FOMC decided] to remove the reference to "the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time," as was included in the December statement."

The meeting took place before CPI and PCI numbers for January that came in higher than expected.

Members still agreed to keep in statements that they will carefully asses inflation and labor market data before lower rates. In the final statement in Jan., the committee said it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."

Prices have remained within a US$10 range since November as moderating demand is set against OPEC+ production cuts and geopolitical worries amid violence in the Middle East. However, the commodity is showing some strength in later-month contracts on expectations for tighter supply.

"WTI crude oil's third attempt since November at breaking above $80 was rejected but overall, the short-term outlook has improved with widening time spreads pointing to a tightening supply outlook," Saxo Bank noted.

The banking giant said it lost $153 million in the final three months of last year, its first quarterly loss since late 2019. The main reason: a big write-down of its stake in Bank of Communications, one of China's largest lenders.