(News Bulletin 247) – The Paris index is moving forward a little as time seems to be suspending its flight before the results of the American company this evening.

The markets have only one word on their lips this Wednesday: Nvidia. Investors are nervously awaiting the results of the graphics processor specialist, which has become the star stock of Wall Street for almost two years.

For the time being, the CAC 40 is not weakening and is up 0.50% to 7,603.43 points at mid-session. But volumes remain totally anemic, with less than 400 million euros exchanged on the Paris index, around 1 p.m.

The market should avoid any major moves ahead of Nvidia, whose quarterly releases are now as much, if not more, anticipated than the most important US statistics, such as the US employment report.

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“The 400-kilo gorilla”

“The market is currently in a state of uncertainty as investors await quarterly results from Nvidia, the world’s most influential stock. Investors and analysts are anticipating revenue growth of over 70% for the chipmaking giant in the current quarter, and any lower-than-expected numbers could impact risk appetite,” said Pierre Veyret, analyst at Activtrades.

According to a consensus cited by Bank of America, analysts expect revenue of $28.56 billion for the reported second quarter and $31.485 billion for the third quarter. For earnings per share, expectations are set at 64 and 71 cents, respectively.

“Nvidia’s influence is undeniable and it’s almost impossible to take your eyes off it,” says Stephen Innes of Spi Asset Management. He says Nvidia is “the 400-kilo gorilla in the crowded room” of the market today.

In terms of values, Schneider Electric gained 1.8%, the biggest increase in the CAC 40, while Renault brought up the rear, with a decline limited to 0.9%.

On other markets, the euro fell 0.5% against the dollar to $1.1129. Oil declined. The October contract on North Sea Brent fell 1.65% to $77.36 per barrel, while the same-term contract on WTI listed in New York fell 1.9% to $74.07 per barrel.