Investors Brace For Blockbuster Nvidia

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Wall Street’s major market averages dropped lower on Friday as tech stocks fell and U.S. Treasury yields marched higher following the U.S.-China summit ending. Investors will continue to watch for further developments around the U.S.-China summit after the second round of talks concluded today. Chinese President Xi also warned U.S. President Donald Trump that tensions over Taiwan could lead to direct clashes between the U.S. and China.

The next week is expected to be relatively quiet on the economic front, with few major data scheduled in the latter half of the week. FOMC’s minutes of the meetings will be released on Wednesday, with Fed Vice Chair for Supervision Michael Barr also scheduled to speak. Initial jobless claims and S&P Global’s PMI data are due on Thursday.

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Earnings spotlight: Monday: Baidu (BIDU). See the full earnings calendar.

Earnings spotlight: Tuesday: Home Depot (HD). See the full earnings calendar.

Earnings spotlight: Wednesday: Nvidia (NVDA), Analog Devices (ADI), Intuit (INTU), Target (TGT). See the full earnings calendar.

Earnings spotlight: Thursday: Walmart (WMT). See the full earnings calendar.

Volatility watch: Intel (INTC) and Ondas (ONDS) are set up for another volatile week of trading based on options volatility. The most overbought stocks per their 14-day relative strength index include Robo.ai (AIIO), Bandwidth (BAND), and Vishay Precision (VPG). The most oversold stocks per their 14-day Relative Strength Index include SunCar (SDA), EPAM Systems (EPAM), and Zoetis (ZTS). Short interest is elevated on PureCycle Technologies (PCT) and Sunrun (RUN) again.

IPO watch: Investment bank Lincoln International (