Nvidia stock price was down in the pre-market session on Tuesday, with investors cautiously optimistic ahead of the company’s earnings release. The stock traded at $129.27 at the time of writing, having dropped $1.01. It has recorded losses in four of the last five trading sessions, in line with a general downward-leaning market sentiment.
Concerns over the impact of a high tariff global economic environment have sent equities downward, with the S&P 500 Index declining by 2.2% and Dow Jones at -2.5% in the last month. That sentiment just got exacerbated following President Donald Trump’s assertion on Monday that 25% tariffs on imports from Canada and Mexico will proceed from next month.
Trump announced a separate 25% tariff imposition on semiconductors last week, strengthening headwinds against Nvidia stock price. The United States imported $139 billion worth of semiconductors in 2024, underlining the significance of the tariff. Nvidia’s revenues are forecast to rise by 72% year-over-year to $38.08 billion in Q4 2024. In addition, its earnings per share (EPS) is forecast to be at $0.84, equivalent to a 63% YoY growth.
Nvidia (NASDAQ: NVDA) reported strong demand for its Blackwell chips in that quarter, and that is expected to drive revenue growth. However, the emergence of China’s DeepSeek has created ripples in the high-end GPU chips market and the phenomenon could disrupt earnings in 2025.
Nvidia Stock Price Prediction
The momentum on Nvidia stock price signals stress below the pivot mark at $132. 60. The stock will likely find the first support at $129.65. However, an extended control by the sellers could extend the decline to the next support at $127.30.
On the other hand, moving above $132.60 will signal a shift by the momentum to the upside. In that case, the NVDA price is likely to move to the first resistance at $134. 45 Breaching above that level will invalidate the downside narrative and could potentially trigger further gains to test the second barrier at $137.35.
