Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
US open: Stocks lower as traders await FOMC minutes, Nvidia earnings
(Sharecast News) - Wall Street stocks were in the red yet again on Wednesday as attention turned to earnings from chipmaker Nvidia and minutes from the FOMC's latest policy meeting. As of 1515 GMT, the Dow Jones Industrial Average was down 0.14% at 38,511.73, while the S&P 500 lost 0.16% to 4,967.65 and the Nasdaq Composite came out the gate 0.46% weaker at 15,559.42.
The Dow opened 52.07 points lower on Wednesday, extending losses recorded in the previous session.
In focus early on Wednesday, chipmaker Nvidia weighed on both the Nasdaq and S&P 500, with sentiment souring ahead of the tech giant's quarterly results later today. Concerns regarding the group's high valuation continued to grow in the lead-up to its earnings announcement. The stock has surged roughly 225% over the past twelve months.
On the macro front, mortgage applications plunged 10.6% in the week ended 16 February, according to the Mortgage Bankers Association of America, extending the previous week's 2.3% decline. Last week's drop marked the sharpest decline in mortgage demand so far this year and came just shy of matching the 10-month-high decline of 10.7% in the final week of 2023. Applications to purchase a new home dropped 10%, while those to refinance a home sank by 11%.
Still to come, minutes from the Federal Open Markets Committee's latest meeting will be published at 1900 GMT, with traders likely to parse through the release as they look for any hints as to what the central banks' next move may be when it comes to interest rates.
In the corporate space, shares in Palo Alto Networks traded sharply lower after the cybersecurity firm slashed full-year revenue guidance, while SolarEdge Technologies also headed south in early trading on the back of weak first-quarter guidance.
In terms of Wednesday's earnings, banking giant HSBC saw full-year pre-tax profits surge 80% to a record $30.3bn, driven by high interest rates, while Wingstop beat on both the top and bottom line but warned that sales had slowed for a fourth-consecutive quarter.
Nvidia and Etsy will report their latest set of quarterly figures after the close.
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
