Stock market today: US stocks slip as traders count down to Nvidia earnings

• US stocks traded mostly flat as investors looked toward Nvidia's earnings report due after the close.
• Markets are eyeing another earnings beat, but there's also caution around chip delays.

US stocks inched lower on Wednesday as traders awaited the upcoming Nvidia earnings report. All three benchmark indexes dipped slightly in the red, while Nvidia shares traded 1% higher.

Expectations are high for the chipmaker, with investors looking for another earnings beat and solid clues about how the massive investment in AI is working out for Nvidia's customers.

The firm's results have the potential to fuel a major swing in the market, with Goldman Sachs noting on Tuesday that the report could spark a $300 billion swing for Nvidia's stock based on options pricing this week.

The stock is already trading close to record highs, adding to the risk that a small miss on expectations could spur a big move down.

"For equities, all attention is now on Nvidia's earnings release tonight, which has helped to drive significant moves recent quarters," Deutsche Bank strategists said in a note Wednesday morning. "Bear in mind that Nvidia's share price is already up +159% on a YTD basis, making it the top performer in the entire S&P 500, and it has risen by more than +1000% since its low in October 2022."

Traders are also waiting on comments from Atlanta Fed President Raphael Bostic, who's scheduled to speak after the closing bell. His remarks could provide more guidance on the path of Fed rate cuts this year, with investors pricing in as many as 150 basis points worth of cuts by year-end, according to the CME FedWatch tool.

Here's where US indexes stood shortly after the opening bell on Monday:

• S&P 500: 5,623.67, down 0.04%
• Dow Jones Industrial Average: 41,252.06, down 0.01% (-1.56 points)
• Nasdaq composite: 17,748.91, down 0.07%

Here's what else is going on today:

• Nvidia's earnings report could spark a $300 billion swing in the stock, Goldman Sachs said.
• The number of bitcoin millionaires has soared 111% over the last year.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil slipped 1.02% to $74.75 a barrel. Brent crude, the international benchmark, dipped 0.92% to $77.93 a barrel.
• Gold moved lower 0.9% to $2,502.25 an ounce.
• The 10-year Treasury yield was flat at 3.825%.
• Bitcoin dropped 4% to $59,827.