What To Expect in the Markets This Week

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Key Takeaways

• Chipmaker Nvidia will report earnings on Wednesday, in what could be a highlight of the week's events.
• Several big retailers also report earnings this week, including Target, Ross Stores, and hardware chain Lowe's. 
• Minutes from the most recent Federal Open Market Committee meeting and comments from Federal Reserve speakers could also offer insights into how officials are looking at inflation.

Artificial intelligence (AI) darling Nvidia (NVDA) is set to report earnings after markets close on Wednesday, in what could be a highlight of this week's events. The chipmaker is expected to post another strong quarter of earnings and revenue growth amid a surge in demand for AI. 

Other tech companies issuing updates on their financials this week will include cybersecurity firm Palo Alto Networks (PANW) and cloud computing company Snowflake (SNOW). Retail earnings will be in focus as well this week, with Lowe's (LOW), Target (TGT), Macy's (M), Ross Stores (ROST), and Marshalls parent TJX (TJX) set to report results ahead of a long holiday weekend.

Minutes from the most recent Federal Open Market Committee meeting and comments from Federal Reserve speakers could also offer insights into how officials are looking at inflation.

Monday, May 20

• Atlanta Fed President Raphael Bostic and Fed Vice Chair Michael S. Barr deliver remarks
• Palo Alto Networks (PANW), Trip.com Group (TCOM), and Zoom Video Communications (ZM) report earnings

Tuesday, May 21

• Boston Fed President Susan M. Collins, Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic, Richmond Fed President Tom Barkin, and New York Fed President John C. Williams deliver remarks
• Microsoft Build conference keynote address by CEO Satya Nadella
• Lowe's (LOW), AutoZone (AZO), XPeng (XPEV), and Macy's (M) report earnings
  
  

Wednesday, May 22

• Existing home sales (April)
• Minutes of May FOMC meeting
• Nvidia (NVDA), TJX (TJX), Target (TGT), Snowflake (SNOW), Toll Brothers (TOL), and Williams-Sonoma (WSM) report earnings

Thursday, May 23

• Initial jobless claims (Week ending May 11)
• S&P flash U.S. services PMI (May)
• S&P flash U.S. manufacturing PMI (May)
• New home sales (April)
• Federal balance sheet
• Atlanta Fed President Raphael Bostic delivers remarks
• Intuit (INTU), Medtronic (MDT), Toronto-Dominion Bank (TD) and Ross Stores (ROST) deliver earnings

Friday, May 24

• Durable-goods orders (April)
• Consumer sentiment, final (May)
• Booz Allen Hamilton (BAH) reports earnings

Nvidia Expected To Report Earnings, Revenue Growth Amid AI Boom

Nvidia will be in the spotlight this week with the AI chipmaker's earnings report set to come after the bell on Wednesday. Analysts are projecting another big quarter for Nvidia, with revenue and earnings projected to grow as the chipmaker benefits from surging demand for AI-capable chips. 

Nvidia isn't the only tech company reporting this week. On Monday, cybersecurity provider Palo Alto Networks will release its latest quarterly financial results, with investors likely to be watching its sales after the company lowered its outlook. Cloud computing company Snowflake will deliver its first earnings report under CEO Sridhar Ramaswamy on Wednesday, coming after the company increased its revenue and narrowed losses in the previous quarter. 

Several retailers are scheduled to report earnings this week as well, coming after the most-recent U.S. retail sales report showed some potential weakening of U.S. consumers' spending. Lowe's will release its latest quarterly results on Tuesday, after the home improvement chain issued weak full-year guidance as sales fell in the prior quarter. Target will follow with its earnings report on Wednesday, coming after Target reported stronger-than-expected earnings in the prior quarter as its inventory management improved. TJ Maxx and Marshalls parent TJX, Macy's, and Ross Stores will also deliver financial results this week.

Fed Meeting Minutes and Speaker Comments Could Offer Insights Into Policymakers' Stance

Investors will have more opportunities to obtain insights from the Federal Reserve this week, as its officials have cited the need for more data on the path of inflation before moving to change interest rates.

On Wednesday, the release of the minutes from the Federal Open Market Committee's (FOMC) May meeting could provide more information on the deliberations between members. The Fed kept rates unchanged at the meeting, but since then, some officials have raised doubts about whether the central bank will be able to follow through with interest rate cuts this year. 

Several Fed officials will also deliver remarks this week, including Boston Fed President Susan M. Collins, Cleveland Fed President Loretta Mester, and Atlanta Fed President Raphael Bostic, at the Atlanta Federal Reserve's annual Financial Markets Conference.