A rally from the “magnificent seven” tech stocks perhaps predictably fueled the rally, but this surprise name was the S&P 500’s biggest gainer Thursday.

Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.

Nvidia 's (NASDAQ: NVDA) stock hasn't gone on sale often, but when it has dipped slightly since 2023, it has been a no-brainer buying opportunity for investors. While investors may have missed the bottom of the dip when it was down around 25%, is a 10% discount still a good enough price to pay?

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.