US stocks moved lower early Wednesday as investors cautiously counted down to Nvidia's (NVDA) earnings report, seen as a crucial test of hopes for Big Tech amid tariff uncertainty. Nvidia's results are looming large as Wall Street looks for clues to AI demand,

Nvidia stock is trading at a lower-than-average valuation as earnings approach. According to Dow Jones Market Data, Nvidia is trading at 28.4 times earnings expected over the next 12 months. That's lower than its five-year average of 40.

Live Updates Live Coverage Updates appear automatically as they are published. Here's What Wall Street Expects Looking Ahead 8:55 am by After NVIDIA reports earnings, Wall Street will react to whether or not the stock outperformed last quarter.