DOLLAR STEADY AND STOCKS SLIP AHEAD OF NVIDIA RESULTS
Global stocks experienced a downturn on Wednesday as investors awaited the highly anticipated earnings report from chipmaker Nvidia. The fluctuating dollar also reflected uncertainty ahead of the release of minutes from the Federal Reserve's recent policy meeting, which could provide insight into potential interest rate adjustments. Concerns about the growth outlook were revived by measures taken by Chinese authorities to support economic growth, particularly affecting crude oil and iron ore prices. In Europe, stocks traded lower, with HSBC shares tumbling 8.6% after the bank reported a record annual profit that fell short of analyst expectations.
All eyes were on Nvidia's earnings report, scheduled for release after the U.S. market close. The company's results and outlook are expected to influence equity sentiment in the coming weeks, particularly in the AI-related sector, which has been a driving force behind this year's market rally. Analysts suggest that Nvidia will need to significantly exceed earnings expectations to maintain its upward trajectory, as investors may be inclined to pull back if results only meet or marginally beat expectations.
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