Stock Market Today: Stocks slip with Nvidia earnings on deck; Target tumbles

Check back for updates throughout the trading day

U.S. equity futures slipped in early trading, following on from last night's record close for the S&P 500, as investors looked to a key earnings release from AI-chip maker Nvidia as well as minutes from the Federal Reserve's May policy meeting later in the session.

Updated at 8:52 AM EDT

Buzzfeed buzz

Buzzfeed  (BZFD)  shares soared higher in premarket trading, potentially adding more than $45 million in market value, after Vivek Ramaswamy revealed a 7.7% stake in the online media group. 

Ramaswamy's Securities and Exchange Commission filing, published late Tuesday, said the stock is undervalued and that the former Republican Presidential nominee plans to engage the board and management to enact changes.

Buzzfeed shares were marked 55% higher in premarket trading to indicate an opening bell price of $3.87 each.

Check back for updates throughout the trading day

Nvidia's first-quarter results, the final update from the so-called Magnificent 7 tech giants, has developed into one of the market's key events over the past year.

The artificial-intelligence-focused chipmaker is expected to post a fivefold increase in April-quarter earnings, with net income of $13.2 billion on revenue of $24.6 billion, after the close of trading.

Nvidia  (NVDA)  shares, which closed at $953.86 last night to extend their 2024 gain to 98%, were marked 0.4% lower in premarket trading.

Investors will also focus on its near- and longer-term outlook, given its dominant position in the AI supply chain and the hundreds of billions of capital-spending commitments from big customers like Microsoft  (MSFT) , Amazon  (AMZN)  and Meta Platforms  (META) .

Minutes of the Fed's May policy meeting are expected at 2 p.m. U.S. Eastern Time, with rate traders picking through any changes in the language of the central bank's inflation outlook ahead of next month's gathering in Washington.

CME Group's FedWatch tool, which suggests little chance of an interest-rate cut over the next two meetings in June and July, pegs the odds of a September reduction at around 60%.

That's down from around 69% earlier this week, however, and follows a disappointing inflation reading from Britain, which indicated stubborn core price pressures despite an easing in the headline rate.

U.S. Treasury bond yields ticked higher on the release, with 10-year notes rising to 4.437% and 2-year notes pegged at 4.86%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.08% higher at 104.743.

Heading into the start of trading on Wall Street, futures contracts tied to the S&P 500 are set for a 6-point opening-bell decline. The broad benchmark extended its year-to-date gain to around 11.6% following last night's close.

Futures tied to the Dow, meanwhile, are called 34 points lower while the Nasdaq is set for a 30-point pullback.

Target  (TGT)  shares were a notable early mover, slumping 8.2% in premarket trading after the retailer posted weaker-than-expected fiscal-first-quarter earnings and falling same-store sales.

More Wall Street Analysts:

• Analyst unveils new Nike price target ahead of big summer for sports
• Analysts weigh in on Google-parent Alphabet’s stock after cloud event
• Analysts revamp Disney stock price target after proxy fight

In overseas markets, Britain's FTSE 100 slipped 0.3% in London following the April inflation report, while the pound eased to 1.2722 against the greenback.

The regionwide Stoxx 600, meanwhile, was marked 0.27% lower in Frankfurt. 

Overnight in Asia, Japan's Nikkei 225 notched its second consecutive session decline, falling 0.85%, while the MSCI ex-Japan benchmark added 0.34% into the close of trading.

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