Nvidia recently returned to the $3 trillion market value level after shares rallied 50% from April lows. The company previously reported 78% year-over-year revenue growth and recently announced it will supply semiconductors to Saudi Arabian AI startup Humain.

Trump’s latest tariff announcements on Friday sent markets lower for the week. The president threatened a 25% tariff on Apple products not manufactured in the United States. He also warned of ramping up duties on the European Union to 50% starting in June.

🚨 BREAKING: Trump announces a 50% tariff on the European Union starting on 1st June

Here we go again!! pic.twitter.com/CQqJIzwB68

— Trader Edge (@Pro_Trader_Edge) May 23, 2025

These tariff threats pushed Treasury yields higher and contributed to stock declines. The Nasdaq Composite and Dow Jones Industrial Average both dropped about 2.4% for the week. The S&P 500 fell roughly 2.6%.

Technology Sector Earnings Focus Several major technology companies will report earnings this week alongside Nvidia. Salesforce reports Wednesday after previously showing 8% revenue growth driven by its Agentforce AI platform. The cloud software provider delivered a weaker outlook in its last quarter despite strong growth potential.

Dell Technologies reports Thursday following 37% growth in server and networking sales last quarter. The computer maker has benefited from increased demand for AI infrastructure. Morgan Stanley recently raised its price target for Dell citing growing server sales momentum from AI demand.

HP also reports Wednesday as investors watch computer equipment demand trends. Marvell Technology, another semiconductor firm, will announce results Thursday.

Retail Sector Updates Costco Wholesale reports Thursday after April sales rose 7%. Analysts attributed part of this growth to customers rushing purchases ahead of potential US tariffs. The membership retailer previously reported 9% revenue growth from higher membership fees.

AutoZone reports Tuesday following an upgrade from Bank of America Securities. Analysts expect higher auto costs from tariffs could lead to more vehicle repairs by cost-conscious drivers.

Dick’s Sporting Goods announces results Wednesday after its recent deal to acquire Foot Locker. Chinese EV maker Li Auto reports Thursday as the Tesla competitor faces market pressures.

Federal Reserve Inflation Data Friday brings the Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure. Economists project annual core PCE will drop to 2.5% in April from 2.6% in March. Monthly core PCE is expected at 0.1% compared to 0% the previous month.

The Fed has said it closely watches prices following Trump’s tariff policies. Recent surveys show consumer sentiment has declined over concerns that tariffs will drive prices higher.

Wednesday releases minutes from the May Federal Open Market Committee meeting. This will provide insight into Fed officials’ discussions about interest rates and economic conditions.

Federal Reserve Speaking Schedule Multiple Fed officials speak this week including Governor Christopher Waller and New York Fed President John Williams. Minneapolis Fed President Neel Kashkari, San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee are also scheduled.

Their comments will be closely watched for guidance on monetary policy direction. The Fed continues evaluating economic data as officials determine future interest rate moves.

Thursday brings revised first-quarter GDP data after initial reports showed the economy shrank in early 2025. Additional economic data includes consumer confidence surveys, durable goods orders and home price indices.

Markets remain closed Monday for Memorial Day holiday. Trading resumes Tuesday with durable goods orders and consumer confidence data starting the week’s economic calendar.