The chip maker’s earnings could pose a greater risk to the S&P 500 than the jobs report, CPI or the Fed meeting, BofA anaylsts say.

U.S. stock futures wavered early Monday as the market looked to rebound after its worst week in more than two months. After a busy few weeks, investors have another major event to digest in the coming days–Nvidia earnings.

Nvidia has been in magnificent form on the stock market in the past year, recording stunning gains of almost 207% as of this writing. This is thanks to the consistently strong growth in the company's top and bottom lines on account of the booming demand for its artificial intelligence (AI) chips.

US stocks were muted on Monday, as investors awaited crucial earnings, especially from chip giant Nvidia. At the opening bell, the Dow Jones Industrial Average fell 13.1 points, or 0.03%, to 43,431.89.

Nvidia stock has fallen back slightly from record highs as the market prepares for its third-quarter earnings report.