Nvidia's huge stock rally is still exerting an outsized influence over the S&P 500 index , reinforcing concerns that broader markets could be hurt if the chipmaking giant's fortunes turn.

Real-time index price for TSX Metals and Mining Capped Index (TTMN), along with buy or sell indicators, analysis, charts, historical performance, news and more

Analysts are expecting Nvidia stock to head higher in the next 12 months. The company's solid moat in the AI chip market could ensure healthy levels of growth in the coming year. Nvidia's improving earnings projections indicate that the chipmaker could indeed head higher and deliver robust gains over the next year.

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.

On Wednesday, the Federal Reserve trimmed interest rates aggressively and penciled in further rate cuts by the end of the year. It slashed the benchmark interest rate by a half-point to 4.75-5% for the first time since March 2020.