US stocks moved lower Wednesday as investors cautiously counted down to Nvidia's (NVDA) earnings report, seen as a crucial test of hopes for Big Tech amid tariff uncertainty. The Dow Jones Industrial Average (^DJI) fell around 0.

US indexes inched up on Thursday, giving up most gains as investors assessed the latest trade developments after an appeals court reinstated Trump's tariffs.

The Dow Jones Industrial Average (DJIA) is slightly lower on Wednesday, easing below 32,100 as equity traders await key earnings reports from tech heavyweight Nvidia (NVDA). The Federal Reserve’s (Fed) latest Meeting Minutes showed that the major central bank is still apprehensive about adjusting policy rates in the face of looming impacts from the Trump administration’s tariff policies.

TACO, in trader parlance, is a veiled reference to the changes Donald Trump has made on tariff announcements since his “Liberation Day” proclamation—and it’s being credited for Tuesday’s 741-point (1.78 percent) rally in the Dow Jones Industrial Average. (The Dow gave up some of those gains Wednesday, falling 245 points, or 0.6 percent.)

On Wall Street, Nvidia rallied 3.2% and was the strongest single force driving the S&P 500 higher ahead of its profit report coming on Wednesday. It’s the last to report this quarter among the “Magnificent Seven” Big Tech companies that have grown so large that their stock movements dominate the rest of the market.

Trump’s proposed additional 50% tariff on EU goods has been delayed ... unlike broader indices such as the S&P 500. What factors impact the Dow Jones Industrial Average? Many different factors ...

Trump’s tariffs and the global trade war continue to affect markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Hiking tariffs could increase costs for American consumers and manufacturers of a variety of products, such as cars and homes, that use steel.