Stocks, Treasuries, and the dollar scarcely moved after the Federal Reserve minutes restated the central bank's dovish stance on interest rates, with traders anticipating Nvidia Corp.'s earnings.
The bar was set high for the world's most valuable chipmaker, whose shares have more than tripled this year, leaving little room for error. As the earnings season winds down, questions about the sustainability of the advance led by the "Big Seven" group of megacaps have resurfaced, with Nvidia declining from a record. The Nasdaq 100 underperformed and the S&P 500 edged lower after reaching "overbought" levels.
Some $6 trillion in market capitalization has been added to the US equity benchmark in 2023 in a rally fueled by the artificial intelligence boom. Corporate America’s resilience and bets the Fed will pivot to rate cuts next year. The gains left the index about 5% away from reclaiming its all-time high.