AI Bellwether Earnings Call is Finally Here | Herd on Wall Street

Morning mooers! It is Wednesday May 22, the market is cautiously flat, awaiting Nvidia earnings after market closes.

My name is Kevin Travers, and here are the stories moving on Wall Street Today:

Meanwhile, in commodities, Crude Oil Futures pulled back 1.4%, while the EIA said crude inventories increased by 1.8M barrels after last week's 2.4M cut, alongside declines in Gold and Silver, down 1.39% and 2.6%. Bitcoin pulled back about 1%, while Eth fell 3%.

Wednesday, investors can expect the Federal Open Market Committee's meeting minutes after 2 PM, that will show what the FOMC coinsidered when leaving rates the same last month. This week investors will also watch numerous Fed speeches.

Federal Reserve Governor Christopher Waller said on Tuesday that if economic data continues to weaken over the next three to five months, the central bank might consider lowering interest rates by the end of 2024.

Monday morning, Fed Vice Chair Jefferson said the economy is growing at a solid pace, and its too early to tell if the current disinflation slowdown will last longer. Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation of three cuts this year.

Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.