The week of November 17-21 is shaping up to be the most pivotal of the earnings season so far.
Nvidia’s Q3 results will land on Wednesday, while Fed speakers flood the calendar with commentary on interest rates and inflation.
Markets are already on edge, the Magnificent Seven tech stocks are flashing signs of vulnerability, and bond yields are sending mixed signals about growth and monetary policy.
This five-day window could either confirm that the AI boom remains resilient or spark a significant pullback across equities. Investors are bracing for volatility.
5 factors that could shape Wall Street next week
Factor 1: Nvidia’s earnings bomb (November 19)
Nvidia is set to report its Q3 earnings on Wednesday, and expectations are sky-high.
Wall Street is looking for about $55 billion in revenue, with the company expected to guide around $61.5 billion for Q4.
If those numbers land, we’re talking roughly 17% growth from last quarter, which just shows how insane the demand for AI chips still is.
The stakes couldn’t be higher. A solid beat could spark a big rally across tech.
But if Nvidia slips, or even hints at softer guidance, it could end up triggering one of the sharpest single-day pullbacks we have seen all year.
And remember, this isn’t just about Nvidia. With the stock making up 8% of the S&P 500 and 14% of the Nasdaq-100, whatever it does is basically going to drag the whole market along with it.
Factor 2: Inflation data and rate-cut expectations
October’s CPI numbers are delayed due to the US government shutdown, but the market reaction has been anything but calm. Odds of a December rate cut have crashed from “basically guaranteed” to just 50%.
The Fed is clearly still worried about stubborn inflation, especially with tariffs and wage pressures keeping prices sticky.
So if we get any upside surprises in this week’s data, don’t be shocked if Treasury yields jump and high-growth tech takes another hit.
But a softer, more dovish read on inflation could flip the script, reviving hopes for 2026 rate cuts and giving equities some breathing room.
In short, the bond market is on high alert, and every inflation print is going under a microscope.
Factor 3: Fed commentary and hawkish signals
Multiple Federal Reserve speakers are scheduled throughout Monday-Thursday, including Vice Chair Philip Jefferson and Governor Christopher Waller, both discussing the economic outlook and monetary policy.
Their tone matters enormously. If the Fed signals patience on rate cuts due to inflation concerns, markets could interpret that as a hawkish surprise, pushing yields higher and pressuring valuations.
Dovish comments could have the opposite effect. These speeches may not grab headlines, but they shape market expectations.
Factor 4: Corporate earnings flow
Home Depot, Target, Walmart, and other major retailers will report earnings, offering real-time snapshots of consumer sentiment heading into the biggest shopping weekend of the year.
These reports come just days before Black Friday (November 28), making investor guidance on holiday demand absolutely crucial.
Strong retailer earnings could signal consumer confidence and reignite cyclical stocks, while disappointing results or cautious outlooks could spook markets and raise questions about the durability of holiday spending.
Factor 5: Weekly treasury auction and bond market sentiment
The Treasury auctions $60 billion in 3-year notes this week. Market demand will hinge on how investors digest Nvidia earnings, inflation fears, and Fed commentary.
If institutional money rotates into bonds, it signals flight to safety and weakness in stocks. If bonds are shunned and yields fall, equities rally.
Watch the bid-to-cover ratio on the auction closely: weak demand would be a red flag for market confidence.
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