Dick’s Sporting Goods fell around 27% on Tuesday after the company cut its full-year sales and earnings outlook. The decline puts the retailer on track for its worst single-day performance on record.

The company said weak sneaker demand and disappointing results from its recently acquired Foot Locker business weighed on the update. The Foot Locker deal was intended to expand Dick’s presence in global athletic footwear, but the early results have raised questions about how quickly management can improve performance. Nike also traded lower after the announcement, as investors considered whether the results signal broader weakness in the athletic footwear market.

Nvidia is due to report quarterly earnings on Wednesday, and the release could be the biggest market event of the week. Options traders are pricing in a move of about 5.4% in either direction after the report. With Nvidia’s large market capitalization, that implies a potential swing of roughly $280 billion in market value.

Wall Street expects quarterly revenue of about $92 billion, supported by strong demand for AI infrastructure. Investors will be focused on data-center growth, gross margins, demand for Nvidia’s newest AI chips, and guidance for the next phase of AI spending. Nvidia’s results also matter for the broader semiconductor, server, and networking industries, which increasingly trade in line with the company’s outlook, making the report a key read on whether that demand is continuing to translate into near-term results.

Advanced Micro Devices rose roughly 3% to 4% on Tuesday after Raymond James upgraded the stock. The move came as chip shares recovered from Monday’s broad selloff.

Micron gained close to 4%, while Intel and Nvidia also advanced. Investors returned to the sector ahead of Nvidia’s earnings report.

AMD is one of Nvidia’s main competitors in AI accelerators and has been investing heavily in its Instinct GPU platform. Nvidia still leads the AI data-center market, but cloud providers are seeking to diversify suppliers, which could give AMD an opportunity to gain share.

Alibaba received a show of confidence from senior insiders after its $10.2 billion share sale. Chairman Joe Tsai bought 720,000 Hong Kong-listed shares, and together with CEO Eddie Wu, the two purchased more than HK$200 million in stock over two days.

Founder Jack Ma reportedly added more than HK$600 million in Alibaba shares. The insider buying followed a discounted equity offering designed to fund Alibaba’s expanding AI operations.

Investors initially pushed back on the capital raise because of dilution concerns, but the volume of insider buying may ease some of those worries.

The Nasdaq rose roughly 0.75% on Tuesday as technology stocks recovered some of Monday’s losses. Nvidia, Meta, Intel, and Micron all traded higher.

Lower oil prices helped ease inflation concerns that had weighed on markets in recent sessions. Investors also positioned ahead of Nvidia’s earnings and upcoming inflation data, underscoring how closely markets are watching both corporate results and macro readings this week.

Wednesday’s session could be one of the most closely watched trading days of the summer. Nvidia’s results may influence not only semiconductor stocks, but also the broader direction of the S&P 500 and Nasdaq.