The stock market’s been doing its usual thing lately—bouncing around like a pinball machine. Last week wasn’t pretty: the S&P 500 dropped 2.6%, the Dow fell 2.5%, the Nasdaq tanked 2.5%, and the Russell 2000 got absolutely hammered with a 3.4% plunge. Year-to-date? Things are looking rough across the board, with the S&P 500 down 1.3%, the Dow off 2.2%, the Nasdaq down 3%, and the Russell 2000 bleeding 8.4%.
But here’s where it gets interesting: this week is all about NVIDIA.
The AI chip giant is reporting earnings on Wednesday after the closing bell, and honestly, it’s the only thing anyone’s talking about. NVIDIA stock is currently down about 2% year-to-date, trading around $131 per share. But here’s the plot twist—the company’s been on a serious comeback tour. Back on April 4, NVIDIA hit rock bottom at $86 per share, down a brutal 36% for the year. Since then? It’s rallied 27% in just one month. That’s the kind of volatility that keeps traders awake at night.
Wall Street’s expecting big things. Analysts are targeting $43.2 billion in quarterly revenue—a 66% year-over-year jump—with earnings per share hitting 73 cents, up 20% from last year. The real question everyone’s asking: how much are China export restrictions actually hurting the company? That’s the elephant in the room nobody wants to talk about.
NVIDIA’s not flying solo this week. Salesforce is also reporting Wednesday after the bell, with expectations for $9.7 billion in revenue (up 6.6% year-over-year) and $2.55 per share in earnings. HP’s jumping in too. Then there’s Dick’s Sporting Goods and Macy’s reporting Wednesday morning—both trying to prove retail isn’t completely dead.
Thursday brings the heavy hitters: Hormel Foods, Costco, Dell Technologies, and Marvell Technology all reporting. It’s basically earnings season on steroids.
But earnings aren’t the only thing moving markets this week. Tuesday brings the Consumer Confidence index, and spoiler alert: it’s been tanking for five straight months. Wednesday features the first revision of Q1 GDP—remember, the economy actually shrank 0.3% last quarter. And Friday? That’s when the PCE inflation report drops for April. The PCE fell to 2.3% in March, and economists are betting it’ll dip to 2.2% in April. If inflation keeps cooling, the Fed might finally cut rates. Of course, tariffs are still the wildcard that could mess everything up.
So buckle up. This week’s going to be wild.
