Analysis-Investors look to AI-darling Nvidia's earnings as US stocks rally wobbles

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW 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% 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% 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% and 4.3%, respectively - meaning that moves in its stock price have an outsized sway on major indexes.

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Analysis-Investors look to AI-darling Nvidia's earnings as US stocks rally wobblesBullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia can rejuvenate a U.S. stocks rally that has stumbled in recent weeks. Nvidia shares have tripled in 2023, underscoring how a rebound in megacap stocks and excitement over the business potential of artificial intelligence have helped propel the S&P 500 to a 14% gain this year. The chipmaker’s year-to-date increase has led gains among the so-called Magnificent Seven group of megacap stocks, which also include Apple and Microsoft.
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