Hello everyone and happy Independence Day of Ukraine!

Independence, which for us has long stopped being just a beautiful word on a calendar. It is fought for at the cost of thousands of lives—specifically, the lives of my friends and acquaintances, whom I, unfortunately, will never see again.

◾️So today I just want to remind you: remember what price we are given this independence at, and value the moments with loved ones. Because none of us actually knows how many such moments there will be left. That’s the end of the lyrical digression)

😇 And since digging a grave too soon is still out of the question, let’s head to the markets— the last week of August promises to be very fun)

🤹 The main event, of course, is Nvidia. On Wednesday after the market closes, the biggest company behind the AI boom will report. Wall Street expects revenue of about $92 billion and earnings of $2.08 per share—almost double last year’s figure.
But as we’ve already seen more than once this season, exceeding expectations here won’t really surprise anyone. The market will be looking primarily at the forecast: whether Nvidia is indeed moving toward roughly $400 billion in annual revenue, and whether the pace of the AI race is starting to slow down—at least a little.

💰 On the same day, Salesforce, CrowdStrike, and HP will report, and on Thursday—Marvell, Workday, Dollar General, Dollar Tree, and Best Buy. So we’ll get a solid snapshot across AI, software, and the U.S. consumer.

📊 Macros will be plenty too. On Wednesday, the Fed’s favorite inflation indicator comes out—PCE. A further slight cooling is expected: the overall figure to about 3.6% year over year, and the core to 3.2%.
Plus, we’ll get an updated estimate of U.S. GDP for Q2, data on durable goods, and a handful of fresh consumer sentiment indicators. But the main macro event was saved for Friday.

🏦 Kevin Warsh will take the stage in Jackson Hole for the first time—this time as the Fed chair. After a weaker jobs market and calmer CPI/PPI readings, investors started to believe that in September the Fed could keep rates unchanged. But the minutes from the last meeting showed that inside the Fed there are still plenty of people ready to raise it.

Warsh himself still doesn’t want to give the market any “pretty” hints in advance, so every word he says on Friday will be analyzed literally down to the last detail. As we’ve already figured out, he loves speaking as if all his remarks are logical and clear—and then, after the speech, nothing is clear)) Just remember how the last time went.

So in a single week we get Nvidia, PCE, GDP, a bunch of earnings reports, and Jackson Hole. The end of August decided not to let us finish the summer quietly and nostalgically) Watch out for volatility—especially on Wednesday and Friday. Have a great week and good trades, everyone.

Mykyta Huppal | ProInvestments

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