What to Watch This Week: Nvidia Earnings, Tariff Whiplash, and Key Inflation Data

​After a turbulent week for markets, all eyes are now on Nvidia’s earnings, Trump’s tariff threats, and the Fed’s preferred inflation gauge—all of which could sway sentiment in the days ahead.

President Trump’s latest moves have already rattled investors. He threatened to slap a 25% tariff on Apple products made outside the U.S. and warned of 50% tariffs on EU imports—though he later delayed that plan to July 9. Combined with rising deficit concerns, the tariff talk pushed Treasury yields to multi-year highs, with the 30-year yield hitting over 5.1% and the 10-year topping 4.6%.

Meanwhile, Nvidia reports earnings Wednesday after the bell. The AI-chip juggernaut is expected to post $0.88 EPS on $43.3 billion in revenue, up from $0.61 EPS and $26 billion last year. With Nvidia responsible for roughly 17% of the S&P 500’s gains since late 2022, any surprises here could ripple through the broader market.

Also on deck: Friday’s release of core PCE inflation, the Fed’s go-to price metric. Economists expect it to ease to 2.5% year-over-year, down from 2.6%, but tariffs could change the outlook going forward. BofA analysts say the May inflation data, due in June, may be the first to reflect the true pricing pressure.

Despite the drama, S&P 500 companies are tracking 12.9% year-over-year earnings growth, far above Q1 expectations. Only a handful of companies have withdrawn earnings guidance—nothing like the wave seen during COVID’s onset—suggesting businesses feel confident navigating the tariff turbulence.

​Bottom line: With Nvidia earnings, trade politics, and inflation data all converging, this week will test whether the market can keep climbing—or if more volatility is waiting in the wings.