Stock Market Goes Flat as Investors Anxiously Await Nvidia’s Earnings

Published: May 28, 2025 by Omor IE

Key Points

Investors are anxiously waiting for Nvidia to post its earnings later today.
In the meantime, the stock market is down slightly.
It is still trading at benign levels, as investors are waiting for more clarity on Nvidia before buying or selling.
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Macroeconomic data and comments from regulators and government officials are usually the ones moving the markets. More recently, it has been trade policy that has been dictating which way the stock market moves.

Today, though, investors are mostly waiting on one company before making an investment decision, and that is Nvidia (NASDAQ: NVDA). It has been a heavyweight in the stock market in the past two years, and its earnings report later today will dictate whether or not the AI rally stalls or continues. Analysts expect $43.3 billion in revenue and $0.93 in EPS.

In terms of trade or policy, there haven’t been any announcements just yet. The U.S. Secretary of State said, “It’s unacceptable for foreign officials to demand that US tech platforms adopt global content moderation policies.” However, this is unlikely to move markets much.

Here’s a market update as of 10:45 AM (ET) today.

The S&P 500 is down 7.4 points, or 0.12%.
The Nasdaq Composite is down 23.44 points, or 0.12%.
The Dow Jones Industrial Average is down 35.92 points, or 0.08%.

Macros

Macro-wise, it’s not a big day today. None of the data coming in is surprising. The FOMC minutes later today could impact the market. But again, the real focus is on Nvidia.

The Richmond Fed Composite Index came in at -9 and met the forecast.
U.S. Redbook (sales-weighted of year-over-year same-store sales growth in a sample of large U.S. general merchandise retailers) came in at 6.1% vs. 5.4% previously.
U.S. MBA 30-year Mortgage Rate is at 6.98% vs. 6.92% previously.
U.S. MBA Mortgage Applications down at -1.2% vs. -5.1% previously.

Comments From the FDIC

The Federal Deposit Insurance Corporation made the following notable comments:

“The banking industry is reporting slower loan growth, with just 3% annual growth in Q1 compared to the 4.9% pre-pandemic average.”
“[The] number of ‘problem banks’ shrinks by three and now stands at 63 banks”.
“Bank asset quality [is] generally favorable, but weakness in commercial real estate portfolios persists.”
“Banks built loan loss provisions in Q1, up 9.4% from [the] year prior.”
“U.S. bank profits climb 5.8% in Q1 2025 to $70.6 bln.”
“Bank profit growth driven by higher noninterest income.”