Stocks fall after Fed minutes with Nvidia on tap

NEW YORK -U.S. stocks fell on Wednesday as investors digested minutes of the Federal Reserve's most recent meeting ahead of quarterly results from AI chipmaker Nvidia (NASDAQ:

Investors are focused on whether semiconductor bellwether Nvidia's first-quarter results can meet sky-high expectations and will test whether the outsized rally in artificial intelligence-related stocks can be sustained. "It's valuations that are more important so regardless of whether it's a knee-jerk reaction to the upside or to the downside, when we start to parse through that earnings report and look at the valuation that some of these companies are asking for, is it too high?"Stocks' rally to record highs this month has been fueled in part by AI optimism, a solid earnings season and reignited hopes for rate cuts by the Fed this year.

The S&P index recorded 47 new 52-week highs and six new lows, while the Nasdaq recorded 120 new highs and 109 new lows.

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Stocks at record levels are about to get their next major test — Nvidia's earnings resultsNvidia will test the sustainability of recent market highs, given its huge size in broad market indexes, as well as its influence over investor psychology.
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Stocks are little changed as Wall Street awaits big Nvidia earnings: Live updatesThe major averages were little changed Wednesday as investors looked ahead to the widely-anticipated release of Nvidia's latest earnings report.
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