Chip maker and artificial-intelligence bellwether Nvidia Corp.'s earnings release after the closing bell could be the main event Wednesday, potentially shaping broader market action

into next month, according to a note from Bob Savage, head of markets macro strategy at BNY. "How AI demand plays out has far-reaching implications for the U.S. market as we head into

June, and many will be waiting to see today’s report before doubling into the May bounce-back in risk," he wrote. You can follow MarketWatch's live coverage of Nvidia earnings,

along with reaction and analysis, right here.