Nvidia’s data center business, the company’s top revenue driver, fell short of economist predictions in the second quarter.

Wall Street is holding steady at the open of trading ahead of a highly anticipated earnings update from Nvidia. The S&P 500 fell less than 0.1% Wednesday and the Nasdaq composite slipped 0.1%. The Dow gained 15 points or less than 0.

Over the last few years, the S&P 500 has been dominated by just a handful of stocks. The "Magnificent Seven" accounted for more than half of the total increase in the S&P 500 in 2024, increasing the concentration of the mega-cap stocks in the index.