US stocks fall after Fed minutes; Nvidia shares climb after the bell
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U.S. stocks fell on Wednesday as investors digested minutes of the Federal Reserve's most recent meeting but Nvidia's shares rose about 6% after the close on the semiconductor bellwether's stronger-than-expected revenue forecast. The news also drove gains in other chipmakers. Investors had focused on whether Nvidia's first-quarter results could meet sky-high expectations and whether the outsized rally in artificial intelligence-related stocks could be sustained. Nvidia shares, which had closed weaker, have surged about 90% this year after rocketing almost 240% in 2023. "The markets are just waiting for Nvidia to make sure that even if they beat ... what does it look like going forward and what is the forward-looking thinking with justifying where valuations are," said Megan Horneman, chief investment officer at Verdance Capital Advisors in Hunt Valley, Maryland. "It's valuations that are more important...