Nvidia (NASDAQ:NVDA) stock is in the news Thursday after Evercore warned its clients that the tech company’s shares are no longer a “linchpin” for the S&P 500.

Evercore points to the performance of the S&P 500 following Nvidia’s Q1 earnings report earlier this week. While Nvidia stock underwent a massive rally on strong Q1 results, the S&P 500 didn’t move in sympathy with the shares.

Evercore argues that this could mean that Nvidia doesn’t carry the weight needed to move the S&P 500. It could also be a sign that a correction is coming soon. This could happen alongside other catalysts, such as the Trump trial verdict, the core Personal Consumption Expenditures (PCE) inflation report, the Consumer Price Index (CPI) report or the upcoming NVDA stock split.

Here’s what Evercore analysts said about this in a note to clients obtained by StreetInsider.

“While there have been several instances of ‘important’ stocks such as Apple Inc (NASDAQ: AAPL), Tesla Inc (NASDAQ: TSLA) or NVDA rising 20% in 3 days, either the shares were not yet a top 5 weight stock in the S&P 500 or those rallies moved the S&P 500 higher in tandem.”

Nvidia Stock Movement on Thursday

Checking in on Nvidia stock today, the company’s shares are down close to 1% as of Thursday afternoon. Even so, the stock is still up 136.6% since the start of the year. It’s 12-month data includes growth of 184.1%.

trading volume today is below average at about 23.9 million shares. The company’s daily average trading volume is closer to 49.6 million units.

Investors on the lookout for more of the most stock market news will want to keep reading!

We offer all of the hottest stock market stories available on Thursday! Among that is what’s happening with shares of UiPath (NYSE:PATH) and Fisker (OTCMKTS:FSRN) stock as well as why stocks are down today. All of this news is available at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.