Nvidia stock is on a 7-day losing streak ahead of its big earnings report

Nvidia's stock has been on a seven-day losing streak as investors prepare for the company's upcoming earnings report, according to Yahoo Finance AlphaSpace data. This marks the longest losing streak for the stock since 2022. Over this period, Nvidia has lost approximately 7%, compared to a 1.2% decline for the S&P 500.

The company's bulls may be trying to avoid one negative reality, at least in the short term. Strong earnings reports have not been favorable for Nvidia's stock lately. In fact, Nvidia's shares have fallen in response to earnings in six of the past eight quarters, including the last four. The market is expecting the company to deliver impressive results and CEO Jensen Huang to be bullish on the earnings call.

Despite the recent decline, Nvidia is anticipated to report solid earnings on both the top and bottom lines and trades at a relatively attractive valuation.

Art Hogan, a chief market strategist at B. Riley Wealth, believes that long-term investors should ignore the current market noise and recognize Nvidia as a key player in the artificial intelligence revolution. The stock is still expected to perform well over the long term, with strong growth in earnings, revenues, and gross margins.