Wall Street listless in countdown to Nvidia results, Fed minutes
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Nvidia shares fall ahead of results, due after market close
Minutes of Fed meeting expected at 2 pm ET
Target's weak results weigh on shares
TJX lifts annual profit forecast on strong demand
Analog Devices rises on upbeat Q3 revenue forecast
Indexes: Dow down 0.12%, S&P flat, Nasdaq up 0.10%
Updated at 11:28 a.m. ET
By Ankika Biswas and Lisa Pauline Mattackal
May 22 (Reuters) -Wall Street's main indexes struggled for direction onWednesday as investors kept to the sidelines ahead of AI chip leader Nvidia's quarterly results and minutes of theFederal Reserve's policy meeting, due later in the day.
All eyes will be on whether semiconductor bellwether Nvidia's NVDA.O first-quarter results, due after markets close, can meet sky-high expectations and sustain the bumpergains the company's shares and other AI-related stocks recorded.
Nvidia has emerged as the third-largest U.S. company by market value after amore-than 92% surge in its shares this year and an over-threefold jump in 2023.
The company's shares were down 0.5%, after hitting a nearly two-month high on Tuesday.
"The most important piece of the puzzle is whether Nvidia meets and beats expectations on the revenue line... investors have certainly ramped up their expectations of a beat quarter," said Art Hogan, chief market strategist at B. Riley Wealth.
Wall Street's recent bull run has carriedall three major indexes to record highs this month, driven by a strong earnings season as well as renewed hopes for interest-rate cuts and a so-called soft landing for the U.S. economy.
The Nasdaq briefly touched a fresh record high in choppy trading.
Analysts polled by Reuters see the S&P 500 closing the year near current levels, at 5,302 points, but warned the index's strong run means it risks a correction in the comingmonths.
Investors are also keenly awaiting minutes from the U.S. central bank's latest policy meeting, due at 2 p.m. ET, for clarity on the timing of a rate cut. Several policymakers have reiterated the need to wait for further signsof easing inflation before cutting rates.
"We have every Fed President and governor with the microphone leaving no unexpressed thoughts out there... We've got a pretty good handle on where everybody stands," Hogan said.
Traders see 72% odds of the Fed cutting rates in September by at least 25 basis points, according to CME'sFedWatch Tool.
At 11:28 a.m. ET, the Dow Jones Industrial Average .DJI was down 47.64 points, or 0.12%, at 39,825.35, the S&P 500 .SPX was down 1.70 points, or 0.03%, at 5,319.71, and the Nasdaq Composite .IXIC was up 17.61 points, or 0.10%, at 16,850.24.
Chipmaker Analog Devices ADI.O jumped 7.8%, boosting the S&P 500 Information Technology index .SPLRCT after forecasting third-quarter revenue above expectations.
Energy .SPNY was the worst hit sector, down1.7%, tracking lower oil prices.
Retailer Target TGT.N dropped7.5% after itsquarterly earnings and current-quarter forecast missed estimates.
TJ Maxx parent TJX TJX.N gained5.2% after raising itsannual profit forecast.
Chinese e-commerce firm GigaCloud Technology GCT.O lost8.3% following abearish report from Grizzly Research.
Declining issues outnumbered advancers for a 1.82-to-1 ratio on the NYSE andfor a 1.15-to-1 ratio on the Nasdaq.
The S&P index recorded 42 new 52-week highs and five new lows, while the Nasdaq recorded 65 new highs and 77 new lows.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Devika Syamnath and Pooja Desai
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