Two closely watched events are due tonight and may raise market volatility: the Federal Reserve minutes from the April 28-29 Federal Open Market Committee meeting, scheduled for 2 a.m. Beijing time on May 21, and Nvidia’s fiscal 2027 first-quarter earnings after the U.S. market close. Semiconductor stocks rose ahead of Nvidia’s report, underscoring expectations that its results could influence technology shares and broader risk sentiment. The minutes are being watched for clues on internal divisions inside the U.S. central bank, the June policy outlook, and weaker expectations for near-term rate cuts. Reporting on Kevin Warsh’s move to Federal Reserve chair differs on timing, with one account saying he was to be sworn in on Friday at the White House with Trump presiding and another saying he has already taken over. Crypto markets are also monitoring possible appointments to the Commodity Futures Trading Commission and the upcoming vote on the CLARITY Act as part of the broader U.S. digital-asset policy backdrop.