Nvidia, Salesforce, Snowflake Earnings: 3 Things to Watch By

© Reuters

By Liz Moyer

-- Stocks were mixed on Tuesday after muted economic data stoked fears of a slowdown.

That comes a day after stocks had their worst day in two months. Investors have been enthusiastic about the prospect of the Federal Reserve easing up on its monetary tightening scheme, but now people are nervous it will take things a step too far. Traders have been placing bets on how large of an increase next month's Fed action on interest rates will be, with some seeing a half-point hike, and others a more aggressive 0.75-point increase.

The Fed is trying to cool inflation and won't stop until it does, but there is already evidence things are slowing. New home sales were their lowest in six years, and pending home sales data comes out tomorrow. Shoppers are holding back on purchases of clothing and electronics because they are spending more for basics such as food, though fuel prices have eased from their June highs. Technology earnings continue to come out this week, as do reports from retailers, and their outlooks for the next few months could set the mood for markets this week.

Fed officials meet later this week in Jackson Hole, Wyo., for their annual confab, and Chair Jerome Powell is scheduled to speak. Though he's not likely to play his hand, investors will be analyzing his tone for any hint to September's rate move.

Here are three things that could affect markets tomorrow:

1. Nvidia earnings

The chip maker NVIDIA Corporation (NASDAQ:NVDA) is seen reporting earnings per share of 53 cents on revenue of $6.8 billion. It already reported weaker earnings for the quarter as gaming chip sales suffer from the crypto winter.

2. Salesforce earnings

Salesforce.com Inc (NYSE:CRM) is seen reporting earnings per share of $1.03 on revenue of $7.7 billion.

3. Snowflake earnings

The cloud computing firm Snowflake Inc (NYSE:SNOW) is seen reporting a one-cent per share loss on revenue of $467 million.

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