NEW YORK : Bullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia can rejuvenate a U.S. stocks rally that has stumbled in recent weeks.
Yet the broader equity rally has recently faltered, with the benchmark index off more than 4 per cent in August as soaring Treasury yields threaten to dull the allure of stocks. The market's turbulence is intensifying focus on Nvidia's fiscal second quarter report, due after market close on Wednesday.
Some investors may already be placing bets on a repeat strong performance: Nvidia shares have jumped nearly 12 per cent since the start of last week, setting an all-time high on Tuesday before retreating. Such buildup in the shares, however, could make it more difficult for the company to surpass investor expectations with its Wednesday report.
Nvidia shares amount to the fifth-biggest weight in the S&P 500 and Nasdaq 100, at weights of 3.2 per cent and 4.3 per cent, respectively - meaning that moves in its stock price have an outsized sway on major indexes.
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