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On Tuesday, US stock markets exhibited minimal movement as investors balanced the implications of President Trump’s decision to dismiss Federal Reserve Governor Lisa Cook with anticipation for Nvidia's much-awaited earnings report. The S&P 500 and Dow Jones remained mostly steady, while the Nasdaq saw a slight uptick. Trump's action sparked concerns over the Federal Reserve's independence, with Cook vowing to challenge the dismissal legally, arguing the president lacks the authority to terminate her position. In parallel, Trump's threat of imposing new tariffs and export restrictions on nations implementing digital taxes could escalate trade tensions with Europe. Nvidia shares rose approximately 1% in anticipation of Wednesday's earnings release, which is anticipated to be a significant indicator for megacap tech stocks, given their elevated valuations driven by AI advancements. Additionally, shares of Eli Lilly surged by over 4% following promising trial results demonstrating that its experimental obesity medication aided patients in losing around 10% of their body weight.
