Overview
Today's U.S. stock market closed higher as expectations for Nvidia's earnings report lifted indices while uncertainty over President Trump's intervention in the Federal Reserve board appointments tempered excitement. Nvidia's stock jump ahead of its earnings helped boost the market, but the political uncertainty stemming from Trump's announcement to dismiss Federal Reserve board member Lisa Cook added a cautious tone to the trading day.
The U.S. stock market experienced mixed sentiments as President Trump's intention to replace a Federal Reserve board member with his own choice stirred concerns about the independence of the central bank. This political maneuver coincided with rising inflation risks, adding to the market's unease.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News Story
President Trump, through social media, declared intentions to dismiss Federal Reserve board member Lisa Cook over alleged misconduct during a mortgage process, challenging the central bank's independent status. Analysts indicated that if the dismissal proceeds legally, Trump could secure a majority on the Federal Reserve Board. Meanwhile, Nvidia's upcoming earnings report, despite potential losses due to restrictions on sales in China, boosted its stock price by nearly 34% this year.
Tomorrow's Economic Indicators
| Time | Event |
|---|---|
| 20:00 | U.S. MBA Mortgage Applications |
| 23:30 | U.S. EIA Crude Oil Inventories |
| 02:00 | U.S. 5-Year Note Auction |
General Opinion
Market participants are closely watching President Trump's move to intervene in Federal Reserve appointments, recognizing potential legal battles that could affect the central bank's independence and monetary policy credibility. Nvidia's earnings release is anticipated to bring additional short-term volatility to the market.
