The technology sector will wait for NVIDIA (NVDA) to post its quarterly earnings report mid-week. The richly valued stock does not have room to disappoint. Its P/E (GAAP TTM) is 32.88 times, albeit below the 34.4x sector median.
Nvidia’s results will likely move shares of Micron (MU), Marvell (MRVL), Intel (INTC), and AMD (AMD).
Software stocks to watch this week include Zoom (ZM), Intuit (INTU), Salesforce (CRM), CrowdStrike (CRWD), Okta (OKTA), Elastic (ESTC), and Workday (WDAY). The Canadian banks that are posting results are CIBC (CM), Bank of Montreal (BMO), and Scotiabank (BNS).
At the end of the week, new Fed Chair Kevin Warsh will speak at the Jackson Hole symposium. On two public occasions, after the Fed rate decisions, Warsh disappointed markets. He deferred detailed comments on jobs and inflation to the Task Force. He also declined to provide more details on the Fed’s role in bond yields.
Ahead of the speech, the August core PCE price index report on Wednesday might give investors insight into prices.
Last week, the 30-year Treasury Bond topped 5.33%, a yield not seen since 2007 (19 years ago). Back then, the great financial crisis unfolded. Today, the AI boom has led to more corporations issuing debt. That potentially created a glut in bonds that the market could not absorb.
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