Big tech dragged the stock market away from its all-time highs, with Wall Street awaiting Nvidia Corp.’s earnings on Wednesday for confirmation the chipmaker can meet the lofty expectations set by the artificial-intelligence boom.
While the ongoing earnings season has so far reaffirmed the view that Corporate America is holding up well, the reporting period has been mixed for the “Magnificent Seven.” Ahead of the giant chipmaker’s numbers, some traders decided to lock in profits — with the market also weighing a report that Microsoft Corp. is developing a networking card as an alternative to the one supplied by Nvidia.