Wall Street Declines Ahead of Nvidia’s Earnings Announcement

On May 28, 2025, U.S. stocks declined as investors digested recent earnings reports and the minutes from the Federal Reserve’s meeting while anticipating quarterly results from Nvidia. The S&P 500 fell by 0.56%, closing at 5,888.55 points, while the Nasdaq dropped by 0.51% to settle at 19,100.94 points. The Dow Jones Industrial Average also slid by 244.95 points (0.58%) to close at 42,098.70 on Wall Street. Shares of Okta plummeted by more than 16% after the identity management software company maintained its forecasts despite a better-than-expected quarter due to macroeconomic uncertainty. Conversely, Abercrombie & Fitch and Dick’s Sporting Goods saw gains of over 14% and nearly 2%, respectively, following their quarterly reports. Nvidia is set to announce earnings after the bell, with investors closely watching how Chinese restrictions may impact the artificial intelligence chipmaker, which continues to see strong demand for its graphics processors. Stocks closed marginally lower ahead of the report.