The New York stock market is experiencing a bearish trend ahead of the release of the Federal Reserve's (Fed) May meeting minutes and Nvidia's quarterly earnings announcement.
As of 12:36 p.m. on the 28th (local time), the Dow Jones Industrial Average was trading at 42,249.60, down 94.05 points (0.22%) from the previous session on the New York Stock Exchange (NYSE). The S&P 500 index fell 7.50 points (0.13%) to 5,914.04, while the Nasdaq index was trading at 19,191.29, down 7.88 points (0.04%) from the previous session.
Nvidia will announce its earnings immediately after the market closes. Investors are focusing on whether the U.S. government's semiconductor export restrictions to China will impact Nvidia's sales. James Demert of Main Street Research noted, "Nvidia's earnings can revive investor optimism overall and allow the market to focus on the power of AI instead of tariffs and tax cuts, making it very important for the entire market."
At 2 p.m., the Federal Reserve is scheduled to release the minutes of the May Federal Open Market Committee (FOMC) meeting. It is expected that the positions of the Federal Reserve Commissioners, who are contemplating the direction of monetary policy between inflation and the economy, will be revealed. With growing macroeconomic uncertainty, clues about future interest rate trends could also be a point of interest.
International oil prices are showing a rebound after a decline the previous day. At the same time, the price of West Texas Intermediate (WTI) crude oil for July delivery increased by 2.18% to $62.22 per barrel, while the price of Brent oil for August delivery, the global benchmark, rose by 1.71% to $64.66 per barrel.