US GDP, Nvidia Earnings & Market Data: Key Events This Week

The upcoming week features key events, including U.S. Q2 GDP data and Nvidia’s Q2 earnings.

1) US Consumer Confidence (Aug) – 26/08
After sliding to a five-year low of 85.7 in April, confidence has gradually improved, reaching 97.2 in July but still below June’s 98. The Michigan index shows partisan divides, with Democrats more pessimistic than Republicans. Rising food prices and sticky inflation remain concerns. The key question is whether sentiment can continue recovering into the holiday period or stalls as summer winds down.

2) US Q2 GDP – 28/08
The U.S. economy rebounded strongly in Q2 with 3% annualized growth, reversing a -0.5% contraction in Q1. A sharp 30.3% drop in imports—after a tariff-driven surge in Q1—supported the turnaround. Consumer spending rose 1.4%, helping the economy expand 1.1% in H1 overall.

3) US PCE, Spending, Inflation (Jul) – 29/08
The Fed faces pressure from the Trump administration to cut rates, but concerns about inflation persist. While CPI has eased slightly, PCE inflation is still at 2.8%. Personal spending has shown resilience despite weather- and market-driven dips earlier this year. Rising PPI figures could influence the Fed’s September rate decision.

4) JD Sports Q2 – 26/27/08
JD Sports shares, once near Covid lows at 55p, have recovered to around 62p, aided by a Deutsche Bank upgrade. Q1 saw like-for-like sales down 2% (5.5% in the U.S.). With its U.S. business now its largest segment, exposure to tariffs on imports from China and Vietnam poses risks to its £890m profit outlook.

5) Nvidia Q2 – 26/27/08
Nvidia’s valuation has soared past $4trn after doubling from April’s lows. Q1 revenue surged 70% YoY to $44.1bn, despite U.S. restrictions on China chip sales costing $7bn. Data Centre revenue hit $39.1bn (+73% YoY), with gaming also strong. Q2 guidance is ~$45bn revenue with 72% margins. The company is expanding AI hubs in Saudi Arabia and the UAE.

6) Best Buy Q2 – 26/27/08
Shares have traded between $60–$80 since April. Q1 revenue came in at $8.77bn, slightly below estimates, though profits beat expectations at $1.15 a share. Full-year guidance projects $41.5bn revenue and $6.23 EPS, with tariff impacts a key variable. Sales of computing and mobile devices rose, while appliances and entertainment slowed.

7) Dick’s Sporting Goods Q2 – 25–28/08
Following its $2.4bn bid for Foot Locker, Dick’s reported Q1 net income down 4% to $264m ($3.24 per share) on $3.17bn revenue. Full-year guidance remains $13.80–$14.20 EPS on $13.6–$13.9bn revenue. The Foot Locker deal, expected to close year-end, should deliver $100–$125m in cost synergies.