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Stock Market Today: Nasdaq Slips Ahead of Nvidia Earnings

Nvidia’s quarterly earnings are due after U.S. markets close

Nvidia is in the spotlight today.

The chip maker at the center of the artificial intelligence trade is set to report earnings after the market closes. Analysts forecast its revenue more than tripled to $24.6 billion last quarter, while profits are expected to come in at $5.19 a share.

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Investors see Nvidia’s results as a test for the AI enthusiasm that has been a big driver of the stock market’s strength this year.

In recent trading:

Stock indexes were lower. The S&P 500, Nasdaq and Dow all declined modestly. All three have advanced at least 5% in May and remain not far off their record highs.

Target shares slid after the retailer reported a fourth straight quarter of declining comparable sales.

U.S. Treasury yields inched up. The yield on the benchmark 10-year note settled Tuesday at 4.414%.

Japan’s 10-year government bond yield climbed above 1% for the first time in 11 years.

Copper futures pulled back, having settled Tuesday at an all-time high of $5.119 a pound. Gold futures also edged lower, as did oil prices.

Global stocks slipped. European, Japanese and Hong Kong stock indexes crept lower.


Image: Nasdaq