US Stocks Mixed Today: GameStop Tumbles, Oil Rally Lifts Energy Sector

Stocks Dip as Traders Brace for Nvidia Results and Fed Minutes

U.S. stocks traded slightly lower Wednesday morning as investors paused ahead of Nvidia’s highly anticipated earnings release and the Federal Reserve’s latest meeting minutes. The cautious tone followed a robust session on Tuesday, where all three major indexes snapped a four-day losing streak.

At 16:46 GMT, the blue chip Dow Jones Industrial Average is trading 42188.16, down 155.49 or -0,37%. The benchmark S&P 500 Index is at 5904.47, down 17.07 or -0.29% and the tech-heavy Nasdaq is trading 19172.77, down 26.39 or -0.14%.

Will Nvidia Earnings and Fed Minutes Provide Market Clarity?

With Nvidia set to report after the bell, traders are focused on demand signals for AI-related infrastructure and any impact from U.S. restrictions on chip exports to China. The stock held steady during the session, reflecting trader reluctance to make bold moves before the release. Analysts see Nvidia as a proxy for business investment strength, a key pillar of current economic resilience alongside consumer spending.

Meanwhile, the Fed is scheduled to release minutes from its May meeting at 18:00 GMT. Market participants are scanning for insights into policymakers’ views on inflation persistence and the path of interest rates. With macroeconomic uncertainty still high, any perceived hawkish tone could weigh on equities.

Bond Yields, Retail Stocks and Bitcoin Moves Stir Attention

Yields moved higher with the 30-year Treasury crossing the 5% mark, pressuring rate-sensitive sectors. In equities, Okta dropped 12% despite beating expectations, as investors balked at unchanged guidance. In contrast, retail names like Abercrombie & Fitch surged over 27%, while Dick’s Sporting Goods rose 1%, both buoyed by upbeat quarterly results.

 

GameStop, in a surprise move, disclosed a $512.6 million Bitcoin purchase, acquiring 4,710 BTC at $108,837 each. Shares slid 9% on the news, reflecting investor concerns about strategic focus. This aligns the company with MicroStrategy’s bitcoin-centric balance sheet strategy but revives questions over the stability of such bets.

OPEC+ Keeps Formal Output Steady, Eyes More Crude from Key Members

OPEC+ left its official production quotas unchanged but spotlighted potential supply additions from a group of eight members gradually unwinding voluntary cuts. Russia, Saudi Arabia, and others are slated to return about 1 million barrels per day to the market through June. The group’s focus has shifted to compliance concerns, particularly from members like Iraq and Kazakhstan.

Crude prices rose following the meeting. Brent was last up 1.5% to $65.06 per barrel, and WTI gained 1.76% to $61.96. UBS strategists see oil trading between $60–$70 in coming months, as summer travel lifts demand while production returns keep supply balanced.

Outlook: Key Risk Events to Drive Near-Term Direction

Markets are poised for volatility tied to Nvidia’s earnings and the Fed’s tone. AI demand strength could reassure bulls, while any signal of prolonged high rates may cap upside. Oil prices may hold steady, supported by the OPEC+ decision and travel season demand. Traders should watch inflation prints, bond yields, and any geopolitical headlines that could sway sentiment.

More Information in our Economic Calendar.