"Nvidia is the last piece of the market puzzle right now that might help reset investor sentiment," said Matt Orton, chief market strategist at Raymond James Investment Management, adding the equities market has performed well despite uncertainties around U.S. tariff and fiscal policy, a drop in retail sales and a hotter-than-expected consumer price index.
"It can be the catalyst to help the market break out once again," he said.
Markets have changed since the selloff triggered by DeepSeek, as Nvidia has lost a lot of its power to move all stocks since the beginning of this year. The correlation between the chipmaker and the S&P 500 fell to 30% in 2025 from 71% last year, according to Schwab's calculations.