U.S. equities retreated Monday as investors shifted their attention to Nvidia’s quarterly results, due after the market closes on Wednesday. The S&P 500 slipped 0.43% to 6,438.98, the Nasdaq Composite eased 0.22% and the Dow Jones Industrial Average fell 0.77%, pausing after the blue-chip index set a record high before the weekend. With a market value of about $4.4 trillion, Nvidia now accounts for almost 8% of the S&P 500, giving its earnings outsized sway over broader benchmarks. Options pricing indicates traders expect the shares to move roughly 6% in either direction following the report—an implied swing of about $260 billion in value, according to ORATS data cited by Reuters and Yahoo Finance. Sell-side sentiment remains broadly positive. The average analyst price target has risen nearly 8% in the past month as banks including UBS and Morgan Stanley reiterated bullish views, citing “insatiable” demand for the company’s Blackwell AI chips. Goldman Sachs, while still rating the stock a Buy, warned performance could lag large-cap peers in the second half. Separately, Truist Securities upgraded rival Advanced Micro Devices to Buy and lifted its price target to $213 on expectations that hyperscale customers will broaden adoption of AMD accelerators. Beyond immediate share-price volatility, investors will scrutinize Nvidia’s guidance for signs that data-center spending—estimated at more than $300 billion this year among U.S. tech giants—can continue to support the chipmaker’s rapid growth. Analysts polled by LSEG are looking for second-quarter revenue of about $45.9 billion and a further step-up to roughly $52.7 billion in the current period. Any update on recently negotiated U.S. licensing terms for sales of the H20 chip in China could also sway the outlook.