Wall Street’s focus in the week ahead will be primarily on Nvidia Corp as the semiconductor giant is slated to release its second quarter results on Wednesday.
In July, Nvidia became the first American company to cross $4 trillion in market capitalization.
With the artificial intelligence trade regaining the investors’ attention, Nvidia’s commentary on its AI chips will be closely watched.
Market participants will also monitor the key US economic data, including the first revision for second quarter Gross Domestic Product (GDP) growth, consumer sentiment, and the Federal Reserve’s preferred inflation gauge – the core Personal Consumption Expenditures (PCE) price index.
Economic Calendar
On August 25 (Monday), data on new home sales for July will be released.
On August 26 (Tuesday), separate reports on durable-goods orders for July, S&P Case-Shiller Home Price Index (20 cities) for June, consumer confidence for August will be released.
On August 28 (Thursday), separate reports on initial jobless claims for the week ended August 23, GDP (first revision) Q2, pending home sales for July will be released.
On August 29 (Friday), separate reports on personal income for July, personal spending for July, advanced US trade balance in goods for July, Chicago Business Barometer (PMI) for August, consumer sentiment (final) for August will be released.
Earnings
Following companies are due to report second quarter results in the week ahead — HEICO, Semtech, Bank of Montreal, MongoDB, Okta, Nvidia, CrowdStrike, Snowflake, HP, Dell, Dollar General, Li Auto, Ulta Beauty, Best Buy, Alibaba, and Frontline.
Markets Last Week
US stock indices rallied on Friday after comments from Federal Reserve Chair Jerome Powell appeared to pave the way for imminent interest rate cuts.
At Jackson Hole Symposium, Powell hinted at a near-term interest-rate cut. His comments paved the way for a potential rate cut in September.
Although he stressed the importance of jobs and inflation data due before the next meeting.
The Dow Jones Industrial Average rose 846.24 points, or 1.89%, to 45,631.74. The S&P 500 gained 96.74 points, or 1.52%, to 6,466.91 and the Nasdaq Composite gained 396.22 points, or 1.88%, to 21,496.54.
For the week, both the S&P and Dow ended with gains, while the Nasdaq fell 0.6%.
In the bond market, the yield on the 10-year Treasury fell to 4.25% from 4.33%. The 2-year Treasury yield sank to 3.69% from 3.79%.
