Equities Mostly Rise Ahead of Fed Meeting Minutes, Nvidia Earnings

01:58 PM EST, 11/19/2025 (MT Newswires) -- US benchmark equity indexes were mostly higher intraday ahead of the release of minutes of the Federal Reserve's latest monetary policy meeting and technology bellwether Nvidia's (NVDA) earnings.

The S&P 500 and the Nasdaq Composite were up 0.2% each at 6,628.3 and 22,475.2, respectively, after midday Wednesday. The Dow Jones Industrial Average was little changed at 46,084.8. Among sectors, communication services paced the gainers, while energy saw the steepest decline.

Minutes from the Fed's October meeting are scheduled to be released at 2 pm ET. At the meeting, the central bank's Federal Open Market Committee delivered a second consecutive 25-basis-point interest rate cut amid continued concerns regarding the labor market.

Two officials dissented from the majority last month, with recently appointed Fed Governor Stephen Miran preferring a 50-basis-point cut and Kansas City Fed President Jeffrey Schmid voting in favor of leaving rates unchanged, the FOMC said at the time.

"We can't help but believe that the minutes will put on display the divisions at the Fed," Macquarie said in a Wednesday note to clients. "This division is increasingly considered to be a significant, potentially structural, issue going forward, driven primarily by an economic landscape marked by some stagflation, but also by an increasingly 'politicized' Fed."

US Treasury yields were lower intraday, with the 10-year rate down 1.1 basis points at 4.11% and the two-year rate dropping one basis point to 3.58%.

In company news, chipmaking giant Nvidia (NVDA) is scheduled to report its latest quarterly financial results after the closing bell Wednesday.

The report could prove to be "a make-or-break moment for the (artificial intelligence) trade," D.A. Davidson said in a note to clients.

Tech stocks, especially those tied to AI, have been under pressure lately amid concerns regarding lofty valuations.

"Given Nvidia's (NVDA) oversized influence on global equity sentiment -- especially across AI, chips and broader tech leadership -- its results could either calm nerves or add a fresh layer of uncertainty," Saxo Bank said in a note. "Strong numbers may help reduce volatility by restoring confidence in growth and AI-related themes, while any disappointment could reinforce the cautious tone seen across markets this week."

Nvidia (NVDA) shares were up 2% intraday, the top gainer on the Dow.

Lowe's (LOW) was among the best performers on the S&P 500, up 5.9%, as the home-improvement retailer raised its full-year sales outlook after its fiscal third-quarter earnings exceeded market expectations.

Target (TGT) lowered the top end of its full-year earnings guidance as fiscal third-quarter comparable sales dropped more than Wall Street's estimates, while the retailer maintained a cautious outlook for the holiday season. The company's shares were down 2.2% intraday.

West Texas Intermediate crude oil fell 2.2% to $59.38 a barrel.

"Oil prices slipped as an industry report showed higher crude inventories in the US, reinforcing concerns about oversupply," D.A. Davidson said in the note.

The Bureau of Labor Statistics said Wednesday it will not publish an October employment report.

"Establishment survey data from the Current Employment Statistics survey for October 2025 will be published with the November 2025 data," the BLS said in an update posted on its website. "Household survey data from the Current Population Survey could not be collected for the October 2025 reference period due to a lapse in appropriations."

The official jobs report for September is scheduled to be released Thursday, according to the BLS. That report was delayed due to the record-long federal government shutdown, which ended recently.

Gold was up 0.4% at $4,080.60 per troy ounce, while silver rose 0.5% to $50.8 per ounce.

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