What To Expect in the Markets This Week

Nvidia (NVDA) earnings and a key inflation report highlight this week’s holiday-shortened calendar as investors continue to evaluate the impact of President Donald Trump’s tariffs and economic policies. 

Tech companies Salesforce (CRM), Marvell Technology (MRVL), Dell Technologies (DELL), and HP (HPQ) are expected to deliver earnings this week. Market watchers will also be looking for reports from retailers Costco Wholesale (COST), AutoZone (AZO), Dick’s Sporting Goods (DKS), and Temu parent PDD Holdings (PDD). 

The reports are set to arrive after a down week for stocks, which was punctuated Friday by a revival of trade-related uncertainty. You can recap last week’s trading here.

In addition to Friday’s personal consumption expenditures inflation report on Friday, investors will also be tuned into first-quarter gross domestic product (GDP) updates and the latest data on the U.S. trade balance and retail inventories. Consumer confidence and sentiment surveys also will be in focus.

Several Fed officials are on the speaking calendar, including Federal Reserve Gov. Christopher Waller, New York Fed President John Williams, and Minneapolis Fed President Neel Kashkari. Minutes from the latest Federal Open Market Committee (FOMC) meeting are also expected on Wednesday.

Monday, May 26

Tuesday, May 27

• Durable goods orders (April)
• S&P CoreLogic Case-Shiller home price index (March)
• Consumer confidence (May)
• Minneapolis Fed President Neel Kashkari is scheduled to speak
• AutoZone, Bank of Nova Scotia (BNS), Heico (HEI.A), Okta (OKTA), Champion Homes (SKY), Box (BOX), and PDD Holdings are scheduled to report earnings

Wednesday, May 28

• Minutes of May FOMC meeting released
• Fed Gov. Waller and New York Fed President Williams are scheduled to speak
• Nvidia, Salesforce, Synopsys (SNPS), Bank of Montreal (BMO), Veeva Systems (VEEV), Agilent Technologies (A), HP, and Dick’s Sporting Goods are scheduled to report earnings

Thursday, May 29

• Initial jobless claims (Week ending May 24)
• Gross domestic product – first revision (Q1)
• Pending home sales (April)
• San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee are scheduled to speak
• Costco, Royal Bank of Canada (RY), Dell Technologies, Canadian Imperial Bank of Commerce (CM), Marvell Technology, Zscaler (ZS), and Li Auto (LI) are scheduled to report earnings

Friday, May 30

• Personal Consumption Expenditures (PCE) Price Index (April)
• Advance U.S. trade balance (April)
• Advance retail inventories (April)
• Advance wholesale inventories (April)
• Chicago Business Barometer (May)
• Consumer sentiment – final (May)
• Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee are scheduled to speak
• Shoe Carnival (SCVL) is scheduled to report earnings

Nvidia Earnings Highlight Slate of Tech, Retail, Financial Reports This Week

Nvidia is scheduled to report its quarterly earnings on Wednesday. The chipmaking giant recently returned to the $3 trillion market-capitalization level after its share price rallied by around 50% from its April low. The earnings report follows the company’s announcement that it will supply semiconductors to Saudi Arabian AI startup Humain. Nvidia reported 78% year-over-year revenue growth in its prior earnings release. Semiconductor firm Marvell Technology is also scheduled to report this week. 

Salesforce’s expected report on Wednesday comes after the cloud software provider reported 8% revenue growth in its prior quarter on the growth of its Agentforce custom AI platform. While the firm delivered a worse-than-expected outlook, analysts said the company had strong potential for growth. 

Thursday’s scheduled report from Dell Technologies will show whether the computer maker continues to benefit from increased demand for AI infrastructure after it grew server and networking sales by 37% in the prior quarter. Morgan Stanley recently raised its price target for the company, citing growing server sales momentum on AI demand. Market watchers will also be following computer equipment maker HP’s scheduled report on Wednesday.

Costco Wholesale is on Thursday’s corporate calendar, coming as the membership-based retailer reported that its April sales rose by 7%, which analysts attributed partly to customers rushing purchases ahead of U.S. tariffs. Costco reported a 9% revenue growth in its prior quarter on increased revenue from higher membership fees. 

AutoZone’s scheduled report on Tuesday follows an upgrade from Bank of America Securities as analysts argued that higher auto costs from U.S. tariffs could lead to more vehicle repairs by cost-conscious drivers. Dick’s Sporting Goods’ expected report on Wednesday follows its recent deal to acquire sporting goods retailer Foot Locker (FL). 

Investors will be watching the scheduled Thursday report from Chinese EV Li Auto, which competes with Tesla (TSLA) sales in that nation. The Tuesday report from PDD Holdings comes as the parent of Chinese-based online retailer Temu faces pressure from U.S. tariffs.

Inflation, GDP, Fed Speakers in Focus

Friday’s scheduled release of the Personal Consumption Expenditures Price Index will show how the Federal Reserve’s preferred measure of inflation fared in April. A similar inflation reading showed that price increases cooled somewhat in April, and the Fed has said it is closely watching prices in the wake of Trump’s tariffs.

Wednesday’s expected release of the minutes of the May meeting of the FOMC will provide more insight into Fed officials’ deliberations over interest rates and the economy. Likewise, several Fed officials are scheduled to speak during the week, including Fed Gov. Waller, New York Fed President Williams, and San Francisco Fed President Daly.

Revisions to first-quarter GDP are expected on Thursday after the initial report last month showed that the economy shrank in the first three months of 2025. 

The state of the consumer will also be in focus for investors, with reports on consumer confidence and consumer sentiment scheduled to be released this week. The reports come as recent surveys show that consumers’ moods have soured over concerns that tariffs will drive prices higher. Friday’s expected reports on the U.S. trade deficit, retail inventories, and wholesale inventories will provide more detail on how U.S. tariffs are affecting the economy.