Nvidia stock is bouncing back from its latest slide, but the move higher today could reshape how the market reacts to tonight’s earnings report. With Nvidia up 4.7% today, the stock is leading a broader market rally.

Wall Street looks like it will recoup some losses from the previous day when markets were rattled by more hints of a downtrodden U.S. consumer, with an eagerly anticipated quarterly earnings report from Nvidia after the bell.

The Nasdaq Composite (^IXIC) pared gains to finish the day up around 0.3%. The tech-heavy index had risen as much as 1% earlier in the session after consecutive sharp losses for the index. The benchmark S&P 500 (^GSPC) closed just above the flatline,