Stocks Fall Amid Retail Woes and Fed Hawkishness; Nvidia Earnings Awaited as AI Story Unfolds
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Stocks closed lower on Tuesday after disappointing retail earnings and as investors awaited Nvidia's earnings report and digested the latest Fed meeting minutes. The Nasdaq fell 0.6%.
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All eyes are on AI chipmaker Nvidia's earnings after the bell on Tuesday. The company has become the face of the 2023 AI story amid the OpenAI drama. Guidance will be a key focus.
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The Fed meeting minutes showed policymakers believe interest rates should remain at restrictive levels for some time until inflation is clearly falling toward the 2% target.
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Meme stocks have joined the recent market rally, with the Roundhill Meme ETF up 15% since late October, benefiting from investors' renewed appetite for risk.
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OpenAI drama continues as investors in the ChatGPT maker are reportedly looking to lure back ousted CEO Sam Altman, threatening mass resignations without governance changes. Microsoft's CEO appeared open to Altman returning.