Nvidia earnings “can dictate the near-term direction of the market,” according to Bank of America strategists.

Nvidia, which has nearly tripled in value this year, accounted for about 20% of the S&P 500's returns over the past year, according to BofA Global Research. The market's reaction to its results is expected to be crucial in determining Wall Street's trajectory heading into the year-end.

Nvidia earnings hit after the close. Investors are buckling up for a busy stretch. Looking at the chip maker’s results since 2014, the trading session after the release has typically proven lucrative,

Top of mind for investors this week include Nvidia's third-quarter earnings report and a slew of economic data.

Looking ahead this week, investors will be laser-focused on Nvidia's earnings report, which is due after the market closes on Wednesday.