Coach Mark here.

Markets experiencing a tad of pressure after the hot PPI inflationary report on Friday. Stocks did not close well into the close on Friday (although gold certainly did) and there is a little bit of follow through as we start the week. We have a generally light week overall but certainly have a significant event in Nvidia’s earnings this week.

Nvidia will report after the bell on Wednesday. Nvidia has been a rock star both in price performance and in earnings results over the last year and has accounting for a significant percentage of the overall markets gain in the last year. That is just directly as one cannot discount what they have contributed to overall sentiment with the growing AI theme. It has become an important company. Let me rephrase. IT has become THE most important company in the market due to AI and all market participants will be watching the earnings results on Wednesday for not just the earnings results (which will almost certainly be solid) but also the price response that follows.

On the monetary front we have the Fed minutes out on Wednesday but it is unlikely that they provide any new contributions to the conversation as the hot inflationary data last week came out after the Fed’s last meeting. However, we do have numerous Fed speakers and it will be interesting to see what their coordinated message is.

On the economic front we have PMI preliminary numbers and unemployment claims on Thursday in what is a light overall week for economic reports.

Check out the Trading Justice podcast we just released where we discuss inflation and the week ahead. You can listen to it here. Have a great week ahead!

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Chart of the Day: Nvidia (NVDA)

Nvidia has been a rock star for a long while now. We shall soon see if they can continue to carry the market on its proverbial back on Wednesday.

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