U.S. equity markets ended mixed as investors held cautious positions ahead of Nvidia’s earnings report, which is widely expected to influence the trajectory of mega-cap technology stocks. Concerns about delayed Federal Reserve rate cuts continued to weigh on valuation-sensitive segments, leading to subdued activity in both growth and cyclical categories. The Nasdaq managed to hold modest gains while the Dow ended slightly lower. Traders reported muted volumes as markets awaited clearer signals from Nvidia’s guidance regarding AI demand and its broader effect on semiconductor supply dynamics.