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Stocks little changed after Fed comments, ahead of Nvidia

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NEW YORK, May 21 - U.S. stocks held near the unchanged mark on Tuesday as investors digested the latest round of comments from Federal Reserve officials for insight on the timing of a rate cut and the quarterly earnings from Nvidia drew closer.

Investors also looked toward minutes from the Fed's most recent policy meeting, due on Wednesday, after multiple Fed officials on Tuesday reinforced the stance that it would be best for the central bank to exercise patience before starting to cut interest rates. Markets are currently pricing in a 64.8% chance for a cut of at least 25 basis points at the central bank's September meeting, according to CME's FedWatch Tool, opens new tab.

Macy's , opens new tab gained 1.4% after the department store operator raised its annual profit forecast, despite posting a bigger-than-expected drop in sales for the first quarter.

 

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