Wall Street trading was fairly muted in the run-up to the highly anticipated earnings from Nvidia Corp. — the last of the "Magnificent Seven" megacaps to report.

Just hours ahead of results from the world's most-valuable chipmaker, the S&P 500 fluctuated. Nvidia, which has surged more than 40% from its April low, barely budged. The options market implies a post-results move of about 6% in either direction, lagging the average swing over the past two years. 

"Wednesday's Nvidia earnings report is pivotal not just for Nvidia but for the entire stock market, as it can rejuvenate investor optimism across the board and help investors to focus on the power of AI and less on headlines out of Washington on tariffs and taxes," said James Demmert at Main Street Research.

Long-term Treasury yields rose after a weak auction of 40-year Japanese bonds that highlighted growing concern that rising government spending will take budget deficits into dangerous territory. Traders will also keep a close eye on the results of a $70 billion sale of 5-year notes and the subsequent release of the Federal Reserve minutes.

"The minutes are unlikely to yield any ground-breaking information, even if there is some signal to be gleaned from the array of perspectives and opinions among policymakers in early-May," said Vail Hartman and Ian Lyngen at BMO Capital Markets.

The S&P 500, the Nasdaq 100 and the Dow Jones Industrial Average were all little changed.

The yield on 10-year Treasuries advanced three basis points to 4.48%. A dollar gauge rose 0.2%.

Source: Bloomberg