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Most Imortant Things To Watch In Market Today

Nvidia earnings, Fed meeting minutes, and UK inflation

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The profits of the tech giant Nvidia are in the spotlight. Additionally, the minutes of the latest Federal Reserve meeting are also looming, while inflation in the United Kingdom fell less than expected in April.

The highlight of the day is the earnings report from Nvidia (NASDAQ: NVDA) after the market close on Wednesday, which is widely seen as a barometer for the booming artificial intelligence industry. Investor enthusiasm for anything related to AI has helped push the tech-heavy Nasdaq Composite Index to record highs, up more than 12% this year.

The minutes of the latest Federal Open Market Committee (FOMC) meeting are scheduled to be released later in the session, and they will be analyzed for clues regarding the timing and extent of monetary policy easing this year. The release of the U.S. Consumer Price Index (CPI) last week, which was less severe than expected, has tempered expectations about the Federal Reserve keeping interest rates high for a longer period.

Federal Reserve officials have continued to warn about inflation risks, creating a degree of uncertainty about when the Fed will start cutting interest rates this year. U.S. stock futures were largely unchanged on Wednesday, amid caution ahead of the release of the latest Fed meeting minutes and Nvidia’s results.

On another note, inflation in Britain fell less than expected in April, disappointing investors who were hoping for a rate cut from the Bank of England next month. This report also indicates that global inflationary pressures may be difficult to tame. The Office for National Statistics said consumer prices rose by 2.3% year-on-year, a sharp decline from the 3.2% increase in March and the lowest level since July 2021 when it was 2.0%. However, it remains above the forecasted 2.1%.

Service inflation, a key measure of domestic price pressures for the Bank of England, was much higher than expected, at 5.9% from 6.0% in March, above the anticipated reading of 5.5%. Economists had widely expected a sharp decline in inflation.

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