President Trump alarmed investors last week when he threatened to impose a 50% tariff on imports from the European Union as early as June 1. On Monday, the President backtracked, saying the tariffs won't actually go into effect until July 9.

The Dow Jones is down slightly on Wednesday after a failed attempt to reach 42,450. Equity markets are awaiting after-the-bell earnings from AI rally darling Nvidia (NVDA). The Fed’s latest Meeting Minutes show the Fed remains firmly entrenched in wait-and-see mode.

NASDAQ was mostly flat amid lack of strong catalysts. Dow Jones pulled back as traders took profits after the recent rebound. SP500 is losing some ground as traders react to FOMC Minutes. The Minutes showed that Fed was not in a hurry to cut rates due to tariff policy uncertainty.

Investors were in the process of absorbing Wednesday's solid 5-year Treasury note auction, which helped to alleviate worries about demand for U.S. government debt. The Dow Jones Industrial Average was down 96 points,

The Dow Jones and the S&P 500 indices dropped last week as concerns about the American economy rose following Moody’s decision to downgrade US credit rating. They also dropped after the House passed the Big Beautiful Bill which will grow the deficit.

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Chart represents the percentage by which Nvidia has exceeded or not met analysts' expectations for quarterly revenue. Nvidia has outdone estimates for nine consecutive quarters. Earnings aside, investors will also be watching developments in global bond markets after demand on Wednesday for Japan's 40-year government bond auction was its lowest since November,