The S&P 500 (SPX) is trading higher on Wednesday ahead of Nvidia’s (NVDA) highly anticipated earnings report after the closing bell.
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NVDA is the largest holding in the S&P 500 with an 8.08% weight, meaning that its post-earnings move could have a significant impact on the index. Wall Street expects the semiconductor leader to report revenue of $79.12 billion with an adjusted EPS of $1.77.
Semis Gain Ahead of Nvidia’s Earnings
Polymarket traders are confident that Nvidia will beat its earnings, assigning a 96% chance to the outcome.
Nvidia’s average price target of $281.97 implies plenty of upside left in the tank. Even its lowest price target of $220 is roughly where it currently trades.
Semiconductors are catching a bid ahead of the report, with AMD (AMD), Intel (INTC), and Lam Research (LRCX) all up by at least 5% at the time of writing.