As an eventful summer comes to an end, Nvidia is in the spotlight among investors. Bank of America said the main market catalyst to end this extraordinary month will be the artificial intelligence chip maker’s earnings results next week, not Federal Reserve Chairman Jerome Powell’s Jackson Hole speech. Nvidia will release a report next Wednesday (August 28), while Powell will speak on Friday, August 23. The likelihood of a drop of a full percentage point. Stocks rose on Monday in part on optimism that Powell would signal an imminent rate cut. But the S&P 500 has historically made no major moves around the Jackson Hole symposium, which brings together central bankers and economists to discuss the day’s major economic issues. Since 2010, the broader index has gained a median of 0.80 percentage points every week. “With the market already pricing in a rate cut, the upside from even a dovish Jackson Hole speech may be limited as the market awaits next week’s NVDA earnings report for better signs on the state of economic growth,” the company said on Monday. wrote on the day. NVDA 1M Nvidia’s earnings results should be the next big catalyst for the artificial intelligence leader as well as the broader market, especially as investors focus more on growth than inflation. “Growth is the dominant factor. While the Fed is unlikely to ‘outpace’ the Jackson Hole market, stocks can withstand the Fed’s less dovish influence as long as growth is good,” Kwon wrote. “The stock market just needs the Fed to support economic growth.” Kwon added: “While we think risks may rise, the extent of risk may be limited next week with NVDA’s earnings report.” Nvidia stock price could rise more than 150% this year , but underperformed this month, rising just 5%, after technology stocks fell sharply earlier in the month. Since then, however, investors have begun buying the stock heavily, remaining optimistic about the stock’s long-term prospects. As of Friday’s close, Nvidia was up more than 37% from its August 5 intraday low. Retail investors in particular have been buying dips, JPMorgan found. Nvidia shares rose 2% on Monday.
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