Major indices are holding a modest loss as The Street awaits Nvidia (NVDA) results, after the close.

Notably, Magnificent Seven names overall are showing more resolve than the broader market.

Communication Services (XLC) and Technology (XLK) are the only sectors in the green. Meanwhile, Utilities (XLU) sector is the worst performer.

The ten-year treasury yield (TNX) is bouncing back near 4.5%.

Economic Data

The Dallas General Business Activity Index rose 9.3 points to -10.1 in May.

Notable Points:

• Employment improved to -0.2 from -5.1
• Capital expenditures increased to 4.4 from 0.6
• Outlook for revenues rose to 27.2 from 16.8
• The Uncertainty Gauge fell to 18.7 from 40.5

The Richmond Manufacturing Index also rose to -9 in May from -13 in April and in-line with estimates of -9. Notably, shipments fell at a slower pass, moving to -10 from -17 in April, and outlooks on shipment levels rose to 2 from -20, while new orders outlook rebounded to -3 from -26.

Nvidia Preview

The Street awaits Nvidia’s (NVDA) results as they are looking for clues on AI demand, which have helped keep alive bullishness for stocks. Analysts expect NVDA’s top-line revenues to surge by about 66% YoY.

Investors also await the Fed minutes at 2:00 pm EST.