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US Stock Market Rise, Traders Focus on Nvidia Earnings and Fed Minutes

Today market analysis on behalf of Hani Abuagla Senior Market Analyst at XTB MENA


May 20, 2024 ( Newswire) The US stock market opened to the upside but stagnated to a certain extent after a series of gains over the last few weeks. The market could continue to see support following last week's encouraging inflation data, which fueled expectations of an early rate cut, potentially as soon as September. Investors could look forward to the release of Nvidia’s earnings results on Wednesday. The figures could strongly affect the market as traders continue to monitor the surge in AI demand. Nvidia has been a significant driver of the S&P 500's gains in 2024 and earlier. Additionally, the Federal Reserve's meeting minutes are set to be released on the same day and could fuel some volatility. Comments from Federal Reserve officials are anticipated to provide further insights and could shift market expectations regarding monetary policy. Investors could also keep an eye on other key economic indicators scheduled for release this week, including existing home sales, jobless claims, and durable goods orders.

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