Next week, Nvidia and Dell will both announce earnings results for the second quarter and everyone is watching Nvidia to determine if the AI spending boom continues or is in decline. Likewise, Dell is a major beneficiary of AI spending on data centers with their computers holding Nvidia processing chips. 

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Anything less than an amazing report by either company could tip the markets into a risk-off, sell-off mode as asset managers rebalance portfolio holdings and risk.

Key U.S. economic reports include durable goods orders on Monday, the S&P Case-Shiller home price index and consumer confidence on Tuesday, and initial jobless claims, GDP revision, and pending home sales on Thursday. 

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Personal income, spending, and PCE inflation data will be released on Friday, alongside multiple Federal Reserve speeches.