Stocks were mixed on Wednesday as market participants traded ahead of Nvidia's (NASDAQ: NVDA) fiscal fourth-quarter earnings report due after market close. The Dow Jones Industrial Average added nearly 50 points, while the S&P 500 Index rose about 0.1% and the tech-heavy Nasdaq Composite lost 0.3%.
Here's how the market settled on Wednesday:
S&P 500 Index (NYSE: SPY): +0.13% or +6.29 points to 4,981.80
Dow Jones Industrial Average (NYSE: DIA): +0.13% or +48.44 points to 38,612.24
Nasdaq Composite Index (NASDAQ: QQQ): -0.32% or -49.91 points to 15,580.87
Federal Reserve Update: Minutes from the central bank's January meeting signaled on Wednesday that policymakers are waiting to have "greater confidence" that inflation is slowing before cutting interest rates.
"In discussing the policy outlook, participants judged that the policy rate was likely at its peak for this tightening cycle," the minutes said. "Participants generally noted that they did not expect it would be appropriate to reduce the target range for the federal funds rate until they had gained greater confidence that inflation was moving sustainably toward 2 percent."
Making Headlines: Amazon (NASDAQ: AMZN) is set to join the Dow Jones Industrial Average next week, replacing Walgreens Boots Alliance (NASDAQ: WBA), the S&P Dow Jones Indices announced on Tuesday. The change will go into effect before market open on February 26, with the move stemming from Walmart's (NYSE: WMT) 3-for-1 stock split that lowered its weight on the index.
"Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas in the DJIA," the S&P Dow Jones Indices said in a statement.
Separately, Boeing (NYSE: BA) announced Wednesday that it is replacing the head of its 737 Max program, Ed Clarke, following the grounding of the model after a door panel blew off a 737 Max 9 mid-flight in January.
"I am announcing several leadership changes as we continue driving BCA's enhanced focus on ensuring that every airplane we deliver meets or exceeds all quality and safety requirements. Our customers demand, and deserve, nothing less," said Boeing Commercial Airplanes CEO Stan Deal in a memo to employees, quoted by CNBC.
On the Earnings Front: Palo Alto Networks (NASDAQ: PANW) shares were under pressure on Wednesday after the cybersecurity company issued disappointing full-year guidance after topping expectations in its fiscal second quarter. For its full-year, Palo Alto expects revenue growth of 15% to 16%, down from previous guidance of 18% to 19%, and billings between $10.1 billion and $10.2 billion from prior forecast of $10.7 billion and $10.8 billion.
SolarEdge Technologies (NASDAQ: SEDG) shares fell more than 12% after the solar technology maker issued weaker-than-expected first quarter guidance amid headwinds from high interest rates and waning demand. The company now expects revenues of $175 million to $215 million.
"We continue to face challenges from general market dynamics as well as the investor levels of our products in the channels due to the abrupt slowdown of demand in the second half of 2023," CEO Zvi Lando said during the company's earnings call.
For Thursday: All eyes will be on Nvidia's earnings report.