5 things to know before the stock market opens on Thursday, May 23


  • Nvidia had another shock quarter.
  • Fed members are concerned about the lack of progress in the fight against inflation.
  • Amazon is giving Alexa an AI upgrade.

Here are some of the most important news that investors need to start their trading day:

The stock market fell on Wednesday as investors worried about persistent inflation following the release of the minutes of the Federal Reserve's most recent meeting (more on that below). The Dow Jones Industrial Average fell 201.95 points, or 0.51%, and had its worst session of the month. Meanwhile, the S&P 500 lost 0.27% and the Nasdaq Composite lost 0.18%. But things were looking better on Thursday morning as futures tied to all three indexes were up, with Nasdaq-100 futures up 0.8% as Wall Street took momentum from market giant Nvidia. Follow live market updates.

Sopa Images | LightRocket | getty images

The winning streak continues for Nvidia. The chipmaker's shares surged and topped $1,000 in extended trading for the first time after the company reported fiscal first-quarter results that beat analysts' estimates. The chipmaker reported a massive 262% jump in sales and announced a 10-for-1 stock split. And it shows no signs of slowing down, as its revenue more than tripled for the quarter and its data center business grew more than 400% from a year ago. Nvidia's strong results show that demand for its artificial intelligence chips remains strong — and for the AI ​​rally in general.

Federal Reserve Bank Chairman Jerome Powell announced that interest rates will remain unchanged during a press conference at the bank's William McChesney Martin Building in Washington, DC on May 01, 2024.

Chip Somodevilla | getty images

Federal Reserve officials are growing more concerned about their progress — or lack thereof — on inflation. In Fed minutes for April 30 through May 1, released Wednesday, members signaled they lack confidence in cutting interest rates. They voted unanimously to keep the benchmark short-term lending rate within a range of 5.25%-5.5%, where it has been through July 2023. Even though participants saw inflation ease last year, there has ultimately been “further lack of” progress toward the committee’s 2% inflation goal in recent months, according to a summary of the minutes. The minutes come after Fed Governor Christopher Waller said Tuesday that he needed to see “several months” of progress before voting to cut rates.

This photo taken on June 14, 2023 shows the group logo of US company Amazon at the VivaTech technology startup and innovation fair at the Porte de Versailles exhibition center in Paris.

Alain Jocard | AFP | getty images

Amazon is giving Alexa an upgrade. The decade-old voice assistant will now be enhanced with generative artificial intelligence in an effort by the company to make it more conversational, two sources familiar with the matter told CNBC. Amazon also plans to charge users a monthly subscription fee with this offering, and it will not be included in the Amazon Prime membership. Such an upgrade — which is due to arrive this year — could position the tech and retail giant to better compete with companies like Google and OpenAI, which have launched AI-powered chatbots and similar AI-powered voices since then. Feature has been announced.

The Chevrolet Equinox EV will be unveiled at the New York International Auto Show on March 28, 2024.

Daniel DeVries | cnbc

General Motors has officially launched the all-electric version of its iconic Chevrolet Equinox — which has been part of the company's lineup for two decades. Sales of the crossover EV kicked off with higher-priced models priced from about $43,000 to $51,100. The entry-level Equinox LT model is expected to launch later this year and will be priced starting at around $35,000. GM's move comes at a time when demand for EVs has been lower than expected, making this latest rollout a test to see if the company's new “Ultium” EV technologies and overall mass adoption of EVs will truly be successful.

— CNBC's Hakyung Kim, Samantha Subin, Kiff Leswing, Jeff Cox, Kate Rooney and Michael Welland contributed to this report.

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