Nvidia stock was falling on Thursday ahead of earnings from one of its big rivals, which could shed light on strength of demand for artificial intelligence chips. Shares fell 0.4% to $141.40 in early trading.

Nvidia is slated to report fiscal first-quarter results after the market closes Wednesday, with Wall Street expecting another record quarter from the world's second-most valuable company.

Historically, a dropping VIX indicates less fear in the market, and rising VIX accompanies stock market downturns. However, the lower the VIX, the higher the probability of the market’s downward reversal. Conversely, the higher the VIX, the higher the probability of the market’s upward reversal.