Wall Street treaded water and gold prices fell on Wednesday as investors parsed mixed U.S. retail earnings and weak housing data, while looking ahead to Nvidia results and the minutes from the U.S. Federal Reserve’s most recent policy meeting.
The U.S. dollar traded calmly Wednesday ahead of the release of the minutes from the last Federal Reserve meeting, while sterling gained as inflation fell by less than expected in April.
Oil prices fell around 1% on Wednesday, retreating for a third straight day on expectations that U.S. interest rate cuts might be deferred due to sustained inflation, which could weaken oil demand.
As Bitcoin teeters near $70,000, analysts are closely watching a critical supply zone for the largest cryptocurrency. This range is crucial because it represents a key area where a substantial amount of Bitcoin was acquired.
U.S. stocks were lower Wednesday, ahead of key earnings from AI-darling Nvidia as investors digested the minutes from the Federal Reserve May meeting showing concerns about progress on inflation.
