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Stocks at record levels are about to get their next major test — Nvidia's earnings results

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Nvidia will test the sustainability of recent market highs, given its huge size in broad market indexes, as well as its influence over investor psychology.

Stocks are riding high heading into Nvidia's earnings results after the market close Wednesday. But the artificial intelligence darling's latest report could either be the event that helps markets continue their recent momentum, or drags them lower. U.S. stock market benchmarks have been hovering near all-time highs.

Research. "I think a miss would be devastating for the market." "It could be a coin toss if Nvidia simply meets expectations," said Stovall. "Because I believe that there is a whisper number." Beat and raise Many investors expect a strong showing from Nvidia will keep markets on their recent upward ascent.

's Stovall, who has a 12-month target of 5,610 for the S & P 500, noted that he does not expect investors will punish the stock if it does not beat by as much as it had in the past, saying the results are not likely to "interrupt the market's gradual move higher." As it is, Wall Street seems to be taking it for granted that Nvidia will beat and raise expectations after having done so quarter after quarter.

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