Amazon (AMZN -0.10%) stock is trending lower in Tuesday's trading in conjunction with bearish momentum for the broader market. The company's share price was down 0.3% as of 3:30 p.m. ET amid a 0.2% decline for the S&P 500 index and a 0.9% pullback for the Nasdaq Composite. The tech-giant's stock had been down as much as 4% earlier in the day's trading.

Amazon's valuation is heading lower today as tariffs and other catalysts are adding to ongoing macroeconomic risk factors. The company's share price is also being pressured by investor anxiety ahead of Nvidia's fourth-quarter report tomorrow.

Amazon stock slips as macro concerns drive investor cautiousness

Investors have had a lot to consider on the macroeconomic front lately, and recent data and developments have broadly caused the market to shift in a more cautious direction. Last week saw a series of inflation indicators arrive with worse-than-anticipated results, and news that the Trump administration intends to stick with plans to introduce new tariffs on China and Mexico is adding to worries over inflationary pressures.

Valuations for tech stocks are also being pushed lower by news that Trump's team is gearing up to introduce new restrictions that would further limit the export of semiconductors and chip manufacturing equipment to China.

What will Nvidia's Q4 report mean for Amazon?

Nvidia's highly anticipated Q4 report will be delivered after the market closes tomorrow, and the report is poised to have a significant impact on valuation trends for the broader market and the tech sector, in particular. Excitement surrounding artificial intelligence (AI) has been a key ingredient in the market's strong bull run over the last year, and investors will be looking at the AI hardware-leader's results and guidance tomorrow to get a read on what comes next.

As a leading provider of cloud-infrastructure and AI services, Amazon stock could be poised for a significant valuation move, depending on what Nvidia serves up for investors tomorrow.