The US markets ended lower on Wednesday ahead of Nvidia’s earnings release. The choppy trade prevailed over the course of the session as traders seemed reluctant to make significant moves ahead of the release of earnings news from AI darling and market leader Nvidia (NVDA). Shares of Nvidia, which is scheduled to release its fiscal first quarter results after the close of today's trading, decreased by 0.5 percent on the day. Besides, recent volatility owed to lingering uncertainty about President Donald Trump's trade policies has kept the investors on edge. Meanwhile, market participants also remained cautious after the Treasury Department announced the results of this month's auction of $70 billion worth of five-year notes, revealing the sale attracted average demand. The five-year note auction drew a high yield of 4.071 percent and a bid-to-cover ratio of 2.39, while last month’s sale drew a high yield of 3.995 percent and a bid-to-cover ratio of 2.41.
On the sectoral front, Housing stocks turned in some of the market's worst performances on the day, dragging the Philadelphia Housing Sector Index down by 2.4 percent. Considerable selling pressure has been seen among utilities stocks, as reflected by the 1.6 percent loss posted by the Dow Jones Utility Average.
Dow Jones Industrial Average declined 244.95 points or 0.58 percent to 42,098.70, Nasdaq fell 98.23 points or 0.51 percent to 19,100.94 and S&P 500 fell 32.99 points or 0.56 percent to 5,888.55.
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