Investors turn to financial results from artificial intelligence bellwether Nvidia Corp NVDA.O in the coming week to steady a U.S. stock market that has been rocked by AI-related worries and is digesting a Supreme Court overturn of the President’s sweeping trade tariffs. F riday’s Supreme Court ruling striking down the President’s tariffs initially lifted stocks and Treasury yields but left investors grappling with the uncertainty over what other forms of trade duties the White House will resort to and how the U.S. government will deal with litigation and refunds. Besides that overhang on markets and Nvidia‘s results, Wall Street will focus on other tech-sector quarterly reports. These include key software companies that are under siege from concerns that AI will upend their businesses.
Wednesday’s report from semiconductor giant Nvidia, the world’s largest company by market capitalization, comes as the heavyweight tech sector and other megacap stocks are off to shaky starts in 2026, weighing on major indexes they have led higher over the past few years.
The benchmark S&P 500 .SPX was last up a modest 0.2% for the year. But there have been significant gyrations below the surface. Shares in industries such as software, wealth management and real estate services have been hammered on concerns they are vulnerable to AI disruption.
Nvidia’s shares soared over 1,500% from late 2022 to the end of last year. This year, its stock was up about 0.8% in 2026 as of Thursday. Others of the “Magnificent Seven” megacap stocks, which have fueled the current bull market, have fared worse this year. Microsoft MSFT.O shares are down more than 17% in 2026, while Amazon AMZN.O is off 11%. Nvidia’s stock alone can influence major indexes; for example, the stock holds a 7.8% weighting in the S&P 500. For its fiscal fourth quarter, the company is expected to post a 71% rise in earnings per share on revenue of $65.9 billion, according to LSEG. For its coming fiscal year, analysts on average estimate it to earn $7.76 per share, a 66% jump. But the range of estimates among analysts is “significant,” noted Melissa Otto, head of research at S&P Global Visible Alpha. The low end calls for fiscal year EPS of $6.28 against a high-end estimate of $9.68, according to LSEG data.
Reports from major software players Salesforce CRM.N and Intuit INTU.O will be more significant than usual, given the AI fallout in the industry. The S&P 500 software and services index .SPLRCIS is down about 20% so far this year. AI infrastructure players Dell DELL.N and CoreWeave CRWV.O also will post earnings in the coming week.
Outside of tech, results are due from retailers Home Depot HD.N and Lowe’s LOW.N as the fourth-quarter earnings season comes to a close. Investors will also evaluate the President’s State of the Union speech on Tuesday. While the tech sector has struggled, indexes have been supported by a market rotation into areas such as energy, industrials and consumer staples.
Reporting by Lewis Krauskopf; additional reporting by Vidya Ranganathan; Editing by David Gregorio.
(c) Copyright Thomson Reuters 2026.