The upcoming earnings report from NVIDIA Corp (NASDAQ:NVDA) could have significant implications for the stock market, according to a macro strategist.
What Happened: The market is heavily reliant on Nvidia’s earnings, and any disappointment could result in a rapid 5% to 10% sell-off in just a few days. This warning was issued by Peter Tchir, a macro strategist at Academy Securities, in a recent Bloomberg interview.
Tchir said, “I think we’re going to see this kind of cascading, where people try and buy the dip, it fails, and gets pushed lower. So I think we get this fairly dramatic, in a couple day period maybe, of a 5-10% pullback.”
Despite recent market rebounds, Tchir observed a significant number of bullish bets, particularly on Nvidia. Options traders, as reported by the Wall Street Journal, are anticipating an 11% upside after the earnings call this week.
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