Nvidia has grown to become the largest stock on Wall Street and briefly topped $5 trillion in value. That means its stock movements carry more weight on the S&P 500 than any other stock, and it can single-handedly steer the index’s direction some days.

U.S. stocks ended a choppy session higher on Wednesday, bouncing off recent losses as technology stocks rose ahead of Nvidia's quarterly results. Nvidia shares gained more than 5% after ending the regular session up 2.

Stock barometers may be calmer early Wednesday, but signs of residual tension can bee seen in option markets. The Cboe Volatility index (VIX), an option-derived measure of expected movement in the S&P 500 that's known as Wall Street's fear gauge,

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Warnings about Wall Street's excessive optimism, concentration risk, and frothy valuations have fallen on deaf ears for most of this year, leaving market-watchers wondering what, if anything, will cool the tech and artificial intelligence frenzy.

Wall Street finished Tuesday's trading session to the downside on a day that watched the Nasdaq Composite plunge as much as 2%.

The releases will provide key signals for investors after a significant market pullback.

The ongoing Bitcoin crash has claimed a major casualty: BlackRock (NYSE: BLK). Yes, the world's largest asset manager recently suffered its worst-ever rout when its spot Bitcoin exchange-traded fund (ETF) saw the largest sell-off in a single day.