The bond market has been in a holding pattern this month, looking for new catalysts for clues on assessing the outlook for interest rate cuts. On one side of the ledger: ongoing concerns that tariffs will raise inflation and convince the Fed to keep policy steady. But with signs of slowing economic growth, the case for trimming rates is building.

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Chipmaker Nvidia’s earnings report next week could be a major factor for market sentiment. “On a relative basis, Nvidia’s earnings is the largest event for the S&P 500 for the next month,” said Stuart Kaiser, an equity strategist at Citi. Nvidia’s share of the S&P 500’s market value has surged in recent years and is currently around 8%.

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