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.

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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.

On Wednesday, the Federal Reserve trimmed interest rates aggressively and penciled in further rate cuts by the end of the year. It slashed the benchmark interest rate by a half-point to 4.75-5% for the first time since March 2020.