Nvidia stock just took down the broader market.
Shares fell 0.2% suddenly after trading higher, as traders looked to position ahead of the chip titan’s earnings report after the close.
The Dow was down 74 points, or 0.2%, in the wake of Nvidia’s decline. The S&P 500 and Nasdaq Composite were also down 0.2%.
In the absence of major economic data, Nvidia’s coming earnings report will be the market’s driving force over the next 32 hours, or so. The maker of chips key to artificial-intelligence upstarts is the poster child for the AI trade.
The Roundhill Magnificent Seven ETF, which includes Nvidia and the other Mag 7 members, was flat after opening higher, too.
Fundstrat strategist Hardika Singh argues the rebound in recent weeks among Big Tech stocks hinges on Nvidia more than any other Magnificent Seven member.
“What Nvidia’s executives says about restrictions for chips sold in the Chinese market and how the company plans to navigate tariffs could set the broader tone for markets in the upcoming weeks,” Singh writes.
