The Week Ahead: What Investors Need to Know About Nvidia Earnings, Fed Speakers and Tariff Court Ruling

TLDR

• Nvidia reports Q4 earnings Wednesday, the first major test of AI spending sentiment in 2026
• The Supreme Court struck down Trump’s IEEPA tariff regime in a 6-3 ruling; markets reacted with modest gains
• Trump will deliver his State of the Union on Tuesday, likely addressing tariff replacements and economic policy
• Oil prices are up ~15% since January as US-Iran nuclear tensions rise, with a potential $10–$15/barrel spike if military action occurs
• Key economic data includes Friday’s Producer Price Index and multiple Fed speaker appearances throughout the week

Markets head into a packed week with Nvidia’s earnings, a Supreme Court tariff ruling still being digested, and rising tensions with Iran all demanding investor attention.

Nvidia reports its fourth quarter results after the market close on Wednesday. The chip giant is the world’s most valuable company, and its results are closely watched as a gauge of AI spending. CEO Jensen Huang is expected to speak to chip demand and Nvidia’s access to the Chinese market.

Also reporting Wednesday are Salesforce and Lowe’s. Home Depot reports Tuesday. These results will give investors a read on software sector health and the housing market.

Berkshire Hathaway reports Saturday. It is the first report since Warren Buffett stepped down as CEO, handing control to Greg Abel.

Canadian banks including Bank of Nova Scotia, Bank of Montreal, Royal Bank of Canada, and Toronto Dominion are also on the earnings calendar this week.

The Tariff Ruling and What Comes Next

The Supreme Court ruled 6-3 on Friday that the International Emergency Economic Powers Act does not give the president authority to impose sweeping tariffs. Stocks turned positive after the decision, with the S&P 500 closing up 0.7% on Friday and 1.1% for the week.

Analysts say the market reaction was calm because much of the ruling was already priced in. IEEPA tariffs made up roughly 60% of those imposed, but one analyst noted the economic impact is still limited.

Trump responded by announcing a 10% global tariff under Section 122 of the Trade Act of 1974. Potential refunds from the struck-down tariffs could reach $175 billion, a question that will now move through trade courts.

Trump delivers his State of the Union address on Tuesday. He is expected to outline his tariff replacement strategy and discuss housing and tax policy.

Iran Tensions Push Oil Higher

Oil prices rose about 5.5% last week and are now up roughly 15% since the start of 2026. The moves are tied to rising tension between the US and Iran over nuclear negotiations.

Trump gave Iran a 10-day deadline on Thursday to reach a deal. Iran controls the Strait of Hormuz, through which around 20 million barrels of petroleum products pass daily.

Analysts at Rystad Energy say a limited US strike could push oil up $10 per barrel temporarily. A sustained campaign could drive prices up $15 per barrel or more.

Friday’s Producer Price Index will give investors an early look at upstream inflation. Multiple Fed officials speak throughout the week, including Governor Christopher Waller, who favors steeper interest rate cuts.

The S&P Case-Shiller home price index is also due Tuesday as affordability pressures persist in the housing market.

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