(Bloomberg) — US equity futures edged lower ahead of a key earnings release from Nvidia Corp., the $3 trillion stock on the forefront of the worldwide artificial-intelligence frenzy.

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Seen as a barometer for AI spending across much of the technology industry, Nvidia is anticipated to project revenue growth of greater than 70% for the present quarter when it reports after market close on Wednesday. Any disappointment is definite to roil markets, given the corporate’s heft in US indexes — the choices market is implying swings of nearly 10% in either direction on the day after the outcomes.

Contracts on the Nasdaq 100 and the S&P 500 edged lower. Nvidia shares were regular in premarket trading, having rallied about 160% this yr, far outpacing a 16.4% year-to-date gain for the Nasdaq 100.

“The Nvidia result has turn out to be very very like a macro event, in some ways as big because the payrolls and CPI releases when it comes to market impact,” said Justin Onuekwusi, chief investment officer at wealth manager St James Place. “There’s quite a lot of money, quite a lot of leverage in these consensus names and it’s going to take only a slight disappointment to cause significant volatility in markets.”

The Nvidia report and earnings guidance are seen as crucial at a time when markets are grappling with the potential for a US recession and whether the Federal Reserve can cut rates of interest fast enough to engineer a soft landing. Money markets currently price about 100 basis points price of rate of interest cuts this yr, starting September.

While the dollar rose about 0.3% against a basket of currencies on Wednesday, it’s still on the right track for its steepest monthly decline this yr, undermined by rate-cut bets. Most other currencies lost ground, with the euro dropping 0.6%. In bond markets, yields slipped, especially within the euro area, after Austria decided to not proceed with a long-maturity bond sale.

Amongst individual stock movers, Super Micro Computer Inc. shares were set to increase Tuesday’s losses after Hindenburg Research said it’s short the maker of server equipment. Bitcoin’s fall below the $60,000 level precipitated a drop in crypto-linked stocks corresponding to as Cleanspark Inc. and Coinbase Global Inc. Kohl’s Corp. added 4.2% after the retailer raised its full-year earnings forecasts.

In Europe, GSK Plc gained after the Delaware Supreme Court decided to review a lower state court decision related to litigation over the firm’s Zantac heartburn medication. The Stoxx 600 index rose 0.5%

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In commodity markets, gold retreated after a three-day advance that took it closer to its all-time high, while Brent crude futures shed 1.5%, adding to yesterday’s slide.

Key events this week:

• Nvidia earnings, Wednesday

• Fed’s Raphael Bostic and Christopher Waller speak, Wednesday

• Eurozone consumer confidence, Thursday

• US GDP, initial jobless claims, Thursday

• Fed’s Raphael Bostic speaks, Thursday

• Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday

• Eurozone CPI, unemployment, Friday

• US personal income, spending, PCE; consumer sentiment, Friday

A few of the principal moves in markets:

Stocks

• The Stoxx Europe 600 rose 0.4% as of 1:13 p.m. London time

• S&P 500 futures fell 0.1%

• Nasdaq 100 futures fell 0.2%

• Futures on the Dow Jones Industrial Average were little modified

• The MSCI Asia Pacific Index was little modified

• The MSCI Emerging Markets Index fell 0.2%

Currencies

• The Bloomberg Dollar Spot Index rose 0.3%

• The euro fell 0.6% to $1.1115

• The Japanese yen fell 0.4% to 144.53 per dollar

• The offshore yuan fell 0.2% to 7.1328 per dollar

• The British pound fell 0.4% to $1.3209

Cryptocurrencies

• Bitcoin fell 3% to $60,016.57

• Ether fell 2% to $2,528.63

Bonds

• The yield on 10-year Treasuries was little modified at 3.82%

• Germany’s 10-year yield declined 4 basis points to 2.25%

• Britain’s 10-year yield declined two basis points to three.98%

Commodities

• Brent crude fell 1.4% to $78.44 a barrel

• Spot gold fell 1% to $2,498.71 an oz

This story was produced with the help of Bloomberg Automation.

–With assistance from Michael Hennessey.

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