The week’s spotlight centers on NVIDIA (NASDAQ:NVDA), which reports Q2 results Wednesday after market close. Beyond the numbers, the Q&A session will be closely watched for management’s commentary on potential tariff impacts and the current state of China sales. Several other tech companies also report this week, providing crucial data points that could reshape the recent narrative questioning AI’s return on investment. Alibaba Group (NASDAQ:BABA) is also expected to report Friday before market open, offering another window into China’s economic recovery trajectory.
Given Chair Powell’s dovish signals at Jackson Hole last week, markets may continue their bullish momentum following the five-day losing streak that preceded his remarks. But there will be a couple of key reports later in the week. The first revision to Q2 GDP will be released, providing an updated growth snapshot—though contraction appears unlikely given recent economic indicators. And Personal Consumption Expenditures (PCE) data, the Fed’s preferred inflation gauge, will be released before market open on Friday. Unless PCE comes in significantly hotter than expected, it’s unlikely to alter rate cut expectations for September or dampen the current positive sentiment.
India faces potential additional 25% tariffs if trade negotiations stall, with the administration reportedly pressuring India to reduce Russian oil purchases. This highlights the intersection of trade policy and geopolitical concerns. Recent weeks have seen markets react less dramatically to trade developments, possibly reflecting either skepticism about follow-through or delayed economic impact. However, investors should remain cautious—several CEOs have indicated they may need to pass rising costs to consumers, suggesting tariff effects could still materialize.
Monday
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Tuesday
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Earnings: OKTA MDB
Wednesday
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Earnings: NVDA CRWD SNOW
Thursday
GDP (first revision)
Earnings: DELL MRVL
Friday
PCE index
Earnings: BABA
Tracking This Week
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Salesforce Inc (NYSE:CRM) returns to list this week. While company-specific catalysts remain limited, the technical setup is still valid. With earnings scheduled for September 3rd, the stock is likely to follow broader market sentiment in the near term. However, given how oversold Salesforce has become, there’s potential for a meaningful bounce ahead of the earnings announcement.
While Palo Alto Networks (NASDAQ:PANW) delivered strong second-quarter earnings, the stock didn’t see a significant positive price movement. This is likely because investors were expecting stronger forward guidance, especially given the company’s recent success with its “platformization” strategy. Another factor could be the strong rally the stock had leading up to the earnings report, which may have led to a “sell the news” reaction. Despite the muted immediate response, the positive results and growth outlook should provide a solid foundation and a positive sentiment for the stock in the near term.
Tesla Inc (NASDAQ:TSLA) remains on the list for another week. The technical chart pattern suggests significant upside potential is building. Fed Chair Powell’s dovish comments on Friday have given the broader market a bullish bias, with a September interest rate cut now virtually certain. This shift in monetary policy expectations could serve as the catalyst Tesla needs to break higher, especially given its sensitivity to market sentiment and growth expectations.
