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The S&P 500 (^GSPC) and Nasdaq (^IXIC) closed at record highs ahead of Nvidia's (NVDA) first quarter earnings. Yahoo Finance's Josh Schafer joins Asking for a Trend to discuss some of the biggest takeaways from the trading day.

AI has been dominating the market, and the utilities sector has been getting a boost as demand for new data centers increases. Utilities and energy are outperforming the S&P 500, and AI has become a leading topic in earnings across all sectors.

All eyes are on Nvidia, which is set to report earnings after the bell on Wednesday. The chip company faces sky-high earnings expectations as the AI race heats up, closing at a record high on Tuesday.

Finally, Schafer points to optimism around the potential SEC approval of ether ETFs as a major takeaway from the trading day. Bitcoin ETFs were approved earlier this year, and renewed enthusiasm for ethereum caused a significant rally.

For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Melanie Riehl