Wall Street opens flat as investors tread cautiously before Nvidia earnings

US stocks edged lower at the open on Wednesday, with traders hesitant to take big positions ahead of Nvidia’s closely watched quarterly report due after the bell.

The Dow Jones Industrial Average slipped 35 points, or 0.1%, while the S&P 500 and Nasdaq Composite also fell 0.1% each. The muted start reflects a market still grappling with rising long-term Treasury yields and political uncertainty after President Donald Trump’s unprecedented dismissal of Federal Reserve Governor Lisa Cook. While the move has stirred debate over central bank independence, equities have largely shrugged it off, with Wall Street ending little changed on Tuesday.

Select corporate updates provided a contrast to the broader caution. MongoDB surged 31% and Okta gained 4% after both software companies posted better-than-expected results and raised outlooks, crediting robust demand from AI-related clients. Kohl’s also delivered a major surprise premarket, climbing more than 20% on strong earnings and guidance upgrades.

Still, Nvidia remains the day’s focal point. The chipmaker, now the heaviest weight in the S&P 500 and a symbol of AI’s broader market promise, could set the tone for the remainder of the summer rally. While it has beaten Wall Street estimates in 11 of its past 12 quarters, the stock’s post-results performance has often disappointed, underscoring how elevated expectations are.