Corporate earnings will take center stage in the days ahead, with artificial-intelligence leader Nvidia (NASDAQ:NVDA) set to deliver a closely watched quarterly update. Retail heavyweight Walmart (NYSE:WMT) is also on deck. Meanwhile, the end of the extended U.S. federal government shutdown means investors will finally get a fresh batch of official economic data. These releases will be scrutinized by the Federal Reserve, which will also publish minutes from its October policy meeting.
1. Nvidia Earnings Take the Spotlight
Nvidia is poised to dominate the earnings calendar this week, as markets await results from the chipmaker whose explosive growth has made it the emblem of the AI boom.
The figures—due after Wednesday’s closing bell—may prove even more influential for sentiment than the upcoming U.S. labor data.
Nvidia’s meteoric rise—its share price has jumped roughly 1,000% since OpenAI introduced ChatGPT in late 2022—has pushed the company past a $5 trillion market capitalization and cemented its role as a key indicator of enthusiasm around AI.
But with valuations stretched and a web of interlinked deals across the tech sector, some strategists warn that sentiment is vulnerable.
Analysts at Vital Knowledge wrote: “[T]he rising tide of AI skepticism is occurring for (largely) legitimate reasons, and this will remain an overhang for tech, even if the Nvidia results/guidance are great.”
They added: “In fact, ’great Nvidia results’ is ironically part of the problem as the company’s success is becoming mutually exclusive with the health of the overall AI ecosystem.”
Wall Street expects Nvidia to report a 53.8% year-on-year jump in fiscal Q3 earnings per share and $54.8 billion in revenue, according to LSEG data cited by Reuters.
2. Walmart Set to Report
A wave of major retailers—including Walmart, Home Depot (NYSE:HD), and Target (NYSE:TGT)—will release results, giving insight into holiday-season demand.
For Walmart, the update comes after the company announced that CEO Doug McMillon will retire next year, ending a more-than-decade tenure marked by a dramatic transformation of the company’s tech capabilities. Since McMillon took over in 2014, Walmart’s valuation has tripled to $817 billion, driven in part by its aggressive push to compete with Amazon.
This year has seen several leadership changes across the retail sector as companies navigate AI adoption, shifting consumer trends, and sweeping U.S. tariffs.
3. U.S. Data Flow Resumes
With the 40-plus-day government shutdown now over, the U.S. data pipeline is reopening.
Investors are awaiting overdue inflation and employment releases, including Thursday’s September jobs report. White House comments suggest that October numbers may be incomplete.
ING estimates U.S. payrolls rose by 50,000 in September, with the unemployment rate steady at 4.3%.
Thomas Ryan of Capital Economics noted:
“With the federal government reopened, the task now is to assess the economic damage caused by the record-length six-week shutdown.”
4. Fed Minutes Ahead
The incoming data will help shape the Fed’s final policy decision of 2025.
After two consecutive rate cuts, policymakers may pause in December due to gaps in economic visibility during the shutdown.
Markets will parse Wednesday’s release of the October meeting minutes for further clues. ING analysts Chris Turner and Francesco Pesole emphasized:
“Remember that was the meeting where Chair Jerome Powell went out of his way to outline that another rate cut in December was far from a foregone conclusion and that there were ’strongly differing’ views amongst the Fed.”
5. Japan’s GDP Contracts
Japan’s economy shrank in Q3 2025 as tariffs weighed heavily on exports—particularly autos. GDP dropped 1.8% year-on-year, better than the expected 2.5% decline but reversing Q2’s upwardly revised 2.3% gain.
This marks Japan’s first contraction in six quarters. Economists noted the downturn may be temporary, though inflation remains stubborn and consumer spending soft.
Capital Economics analysts said the figures suggest the Bank of Japan is likely to keep rates unchanged in December. Persistent inflation could eventually push the BOJ toward tightening, and Capital Economics still sees a potential hike in January.