Nvidia Earnings and Jackson Hole Set to Test Stock Market Rall

Key Things to Watch This Week

The week ahead will focus on Federal Reserve Chair Kevin Warsh’s keynote speech at the Jackson Hole Economic Symposium from August 27- 29, which is expected to offer important clues about the Fed’s September interest-rate decision. Key U.S. economic data including the revised second-quarter GDP estimate, July’s core PCE inflation reading and consumer sentiment figures will provide further insight into economic strength and inflation trends.

Investors will also closely watch earnings from semiconductor and AI infrastructure companies such as Nvidia and Marvell Technology, as well as enterprise software firms, for indications of whether enthusiasm for AI-related capital spending and sector valuations remains justified.

Last Week Market Recap

U.S. stocks ended higher on Friday but still posted weekly declines, as investors remained unsettled by volatile Treasury yields and uncertainty over developments in the Middle East. The S&P 500 and tech-heavy Nasdaq broke three-week winning streaks, while the Dow recorded its second straight weekly loss. In recent sessions, equity markets have closely tracked government bond yields, with the prospect of higher borrowing costs weighing on risk appetite.

The bond market emerged as the main market driver after the 30-year Treasury yield climbed to its highest level since 2007. Although the Treasury’s decision to expand long-term bond buybacks sparked a sharp one-day drop in yields, that relief proved temporary as yields rebounded on Thursday. Investors remain focused on widening deficits, rising debt issuance, persistent inflation risks and the financing needs associated with the AI investment boom.

This Week’s Key Earnings and Economic Events

Nvidia’s (NVDA) earnings report and a closely watched speech by newly appointed Federal Reserve Chair Kevin Warsh are set to headline the final trading week of August, capping a summer that has sent stocks sharply higher.

The world’s leading artificial-intelligence company and the largest technology stock by market capitalization is scheduled to report its closely watched second-quarter earnings after Wednesday’s close. Analysts expect earnings of $2.08 per share, nearly twice last year’s figure, on revenue of an impressive $92.06 billion.

Investors will be even more focused on Nvidia’s outlook for near-term sales and profit growth. The company is expected to generate roughly $400 billion in full-year revenue, almost double the $215 billion reported in 2025.

A handful of key software and technology companies are also scheduled to report second-quarter earnings this week, including Salesforce (CRM), CrowdStrike (CRWD), Marvell Technology (MRVL), Synopsys (SNPS), Intuit (INTU), Zoom (ZM), Workday (WDAY), and Autodesk (ADSK). Their results are expected to offer insights into AI spending, enterprise demand, and consumer activity.

Technology earnings have accounted for most of the market’s profit growth this quarter. According to LSEG estimates, the three largest growth-contributing sectors are information technology, communications services, and consumer discretionary are expected to generate roughly half of the benchmark’s projected total earnings of $740 billion.

Key Market Catalysts to Watch This Week

World’s Top Central Bank Chiefs Converge on Jackson Hole

Fed Chairman Kevin Warsh faces a delicate choice as he prepares to deliver the keynote address at the Fed’s Jackson Hole symposium in Wyoming: focus on his ideas for long-term central-bank reform or address the immediate outlook for monetary policy, including whether interest rates may rise further.

The annual gathering begins Thursday and brings together leading central bankers from around the world, making the audience for Warsh’s remarks exceptionally influential. Although he has spent his first weeks as chair examining structural challenges facing the U.S. economy, investors still absorbing the impact of a bond-market selloff are looking for clearer guidance on the near-term policy outlook.

Warsh has made it clear that he prefers not to reveal his thinking prematurely. However, his reluctance to provide guidance could increasingly become a liability as markets seek greater clarity.

Investors Weigh Inflation Signals 

The prolonged closure of the Strait of Hormuz and rising crude prices are intensifying concerns over the global inflation outlook. Brent crude is on track for a second consecutive weekly gain and its sixth advance in the past eight weeks while surging refined-product prices are drawing increasing attention as the Northern Hemisphere approaches the colder months. A clearer picture of inflation is expected in the coming days, with investors focusing on Wednesday’s U.S. core PCE reading, which is forecast to remain above the Federal Reserve’s 2% target for a 65th consecutive month.

Semiconductor Spotlight: Is Nvidia’s Acceleration Sustainable?

After a turbulent few days for technology stocks, investors will look to Nvidia’s fiscal second-quarter results on Wednesday for a fresh assessment of the artificial-intelligence spending boom that has helped drive markets to record highs. As the leading supplier of AI chips, Nvidia is widely viewed as a barometer for both industry investment and broader technology sentiment. Its results and outlook could indicate whether demand remains strong enough to justify elevated valuations following a recent selloff fueled partly by rising bond yields. Particular attention will center on spending by major cloud providers, whose aggressive AI investments have powered Nvidia’s rapid growth.

Analysts expect Nvidia (NVDA) to report a fourth consecutive quarter of accelerating sales growth, with adjusted earnings projected at $2.09 per share up 99% from a year earlier and revenue forecast to rise 97% to $92.06 billion.

Investors will also assess Nvidia’s efforts to help customers finance data centers equipped with its chips and hardware, amid concerns about potential circular financing, as well as management’s commentary on the rollout of its Vera Rubin computer racks.

Can Salesforce’s AI Strategy Offset Decelerating Cloud Growth?

Salesforce (CRM) is scheduled to report its results late Wednesday, with analysts expecting a third consecutive quarter of accelerating earnings growth and the company’s strongest revenue growth since the first quarter of 2023. Investors will focus on how effectively Salesforce is monetizing its Agentforce platform and whether its AI offerings can compensate for slowing demand across its legacy cloud products. The stock has climbed 43% since late June but remains down 21% for the year.

Investors Raise Cybersecurity Expectations Before Results

Leading cybersecurity stocks retreated during the week ahead of their earnings reports. CrowdStrike (CRWD) and Okta (OKTA) are scheduled to report late Wednesday, followed by Rubrik (RBRK) and SentinelOne (S) after Thursday’s close.

The rapid growth of artificial intelligence and the emergence of more sophisticated AI-powered cyberattacks has increased investor focus on the sector. Analysts generally expect revenue and earnings growth to remain steady in the second quarter, with customer spending trends holding up. Key indicators will include annual recurring revenue growth and signs of reacceleration fueled by AI-driven products. Analysts raised their price targets for several cybersecurity companies on Thursday and Friday.