Nvidia earnings on tap, Bitcoin 2025, Trump’s EU trade talks: Live Updates

Nvidia CEO Jensen Huang (Getty Images)

Tech giant Nvidia reported its first-quarter earnings on Wednesday, beating analysts' expectations, though it projected second-quarter sales below estimates amid tightening export controls to China that cover some of its AI chips.

Nvidia, a leader in the artificial intelligence (AI) space, saw shares rise 3% in after-hours trading following the announcement. The earnings report showed that first-quarter net income was up 26% from a year ago at nearly $19 billion, with revenue rising to $44 billion, up 69% from last year.

The company's revenue from data centers was $39 billion in the first quarter – up 10% from the previous quarter and 73% from last year. Nvidia is also building factories in the U.S. and working to produce AI supercomputers in the U.S. with its partners.

"Our breakthrough Blackwell NVL72 AI supercomputer – a 'thinking machine' designed for reasoning – is now in full-scale production across system makers and cloud service providers," said Nvidia CEO Jensen Huang.

This is an excerpt from an article by FOX Business' Eric Revell

Federal Reserve Chairman Jerome Powell. (Getty Images)

U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by concerns about financial market volatility and Fed staff warnings of increasing recession risk, according to minutes of the May 6-7 session.

The foreboding outlook has likely shifted since then following President Donald Trump's decision just a week after the meeting to postpone the severe import tariffs, including a 145% levy on goods from China, that had forced up bond yields, driven down stock prices, and led to widening predictions of a U.S. economic downturn.

But the minutes released on Wednesday still showed Fed policymakers and staff engaged in a consequential discussion of the likely fallout from Trump administration policies that remain in flux - with even the highest tariffs on hold but not yet withdrawn altogether.

Officials at the meeting noted that volatility in bond markets in the weeks before "warranted monitoring" as a possible risk to financial stability, and noted that a change in the U.S. dollar's safe-haven status, along with rising Treasury bond yields, "could have long-lasting implications for the economy."

Fed officials continue to cite the possibility of inflation and unemployment rising in tandem as a risk that would leave them forced to decide whether to prioritize fighting inflation with tighter monetary policy or cutting interest rates to support growth and employment.

This is an excerpt from a Reuters article

Vice President JD Vance speaks at the Bitcoin 2025 Conference in Las Vegas. (Getty Images)

Vice President JD Vance on Wednesday delivered remarks at a bitcoin conference to highlight the Trump administration's policies related to cryptocurrency and digital assets.

Vance attended the Bitcoin 2025 Conference in Las Vegas and highlighted how President Donald Trump and his administration are taking a more favorable approach to the emerging digital assets industry than their Democratic predecessors.

"There's a new sheriff in town because, after four years of mistreatment and outright hostility led by Democrat regulators, lawmakers in this country have a choice," Vance said. "Will we lead our nation into a future of financial sovereignty, of innovation and of prosperity, or will we let unelected bureaucrats and foreign competitors write the rules for us?"

"I'm here today to say loud and clear: with President Trump, crypto finally has a champion and an ally in the White House. And our administration, we understand the full potential of the digital assets industry, not just as an investment, not just as a flashy technology, but as a symbol and driver of personal liberty for all our citizens," the vice president said.

This is an excerpt from a story by FOX Business' Eric Revell

Crafts retailer Joann will close all remaining stores by the end of the week.

A spokesperson for GA Group, which took control of Joann after it filed for bankruptcy protection in January, confirmed to FOX Business on Wednesday that Joann locations still currently open will shut their doors by the end of May. The number of Joann locations closing by May 31 totals over 440. Others have already shuttered, the spokesperson said. 

After gaining control, GA Group started "going-out-of-business" sales at all Joann stores as it started winding down the retailer's operations.

The company has been conducting closing sales at Joann locations since early March, with Joann's website on Wednesday showing the stores are offering 70%-90% discounts on products.

This is an excerpt from an article by FOX Business' Aislinn Murphy

Defense giant Lockheed Martin will play a key role in helping make the Golden Dome, President Trump's push to create a field that will protect the U.S. against a missile hitting the country, a reality.

"You've got to see it coming and the space-based sensors and satellites that we have today and new ones that we'll put up in the future help with that. Also, air base, sea base, and ground base radars will see the incoming attack and be able to provide information as to where it's at" CEO Jim Taiclet told Fox News' Brett Baier in an exclusive interview.

"The second thing is you get to identify and track the threat, to determine the action that you're going to do to defeat it. And that requires command and control systems that are pretty sophisticated. We're gonna need to expand those widely and enable them with AI to make them all more capable. And the last thing you gotta do, obviously, is disable or destroy the incoming missile or drone. And we use ground, sea, and air-based missiles to do that today" he added.

Stocks finished higher on Tuesday after President Donald Trump agreed to delay tariffs of 50% on the European Union and a better-than-expected jump in consumer confidence.

The Dow Jones Industrial Average closed higher by more than 740.58 points, or 1.78%, while the S&P 500 and Nasdaq Composite climbed 2.05% and 2.47%, respectively. Trump announced the tariff extension in a Truth Social post on Sunday, saying that he had a productive phone call with von der Leyen.

"I agreed to the extension — July 9, 2025 — It was my privilege to do so," Trump wrote. "The Commission President said that talks will begin rapidly."The European Union on Monday agreed to fast-track trade talks with the U.S. following Trump's threats of yet further sanctions against the region."These negotiations are complex, and so they are taking time," commission spokeswoman Paula Pinho told reporters. "There’s now also a new impetus for the negotiations and we will take it from there.

"Meanwhile, U.S. consumer confidence increased much more than expected in May after five straight months of declines.The Conference Board said on Tuesday its consumer confidence index increased 12.3 points to 98 this month. Economists polled by LSEG expected an increase to 87.