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May 20, 2024: NVIDIA Earnings, PMI, Central Bank Meetings & More

Plus500 | Monday 20 May 2024

The week of May 20, 2024, is set to reveal substantial information about the economy and the financial markets as big tech companies like NVIDIA are set to release their earnings while central banks like the Reserve Bank of New Zealand (RBNZ) are set to decide on interest rates. In addition, the US Federal Reserve’s FOMC minutes are scheduled to be released as valuable economic data like the Purchasing Managers Index (PMI) and inflation get reported. 

Here’s what you need to know about this week’s main events and what they mean for the markets:

May 20, 2024: NVIDIA Earnings, PMI, Central Bank Meetings & More

This Week’s Central Banks’ Highlights 

Among this week’s main central banks’ highlights are Fed speeches, FOMC Minutes, and the RBNZ rate decision. 

Fed Speeches of the Week 

Monday, May 20, 2024

  • Fed Vice Chair Michael S. Barr 

  • Atlanta Fed President, Raphael Bostic

Tuesday, May 21, 2024

  • Cleveland Fed President Loretta Mester

  • Richmond Fed President Tom Barkin

  • Boston Fed President Susan M. Collins 

  • New York Fed President John C. Williams

(Source: Investopedia)

Fed Minutes Release

Simply put, the Fed Minutes is a record of the Federal Reserve’s Open Committee's (FOMC) meeting and can be helpful for traders seeking more information about the trajectory of the Fed’s monetary policy.

The latest Fed meeting took place on April 30- May 1, and this week, the Minutes of that meeting are set to be released on Wednesday, May 22. 

With inflation still taking a toll on the world’s biggest economy, on the one hand, and expectations of rate cuts this year still existing, on the other hand, it will be interesting to see what the Minutes will reveal and if this will have an effect on the markets.

RBNZ Rate Decision

Besides the Federal Reserve, traders in general, and Forex traders, in particular, may want to keep an eye out for Wednesday’s RBNZ rate decision. 

The Reserve Bank of New Zealand, otherwise abbreviated as the RBNZ, is New Zealand’s central bank and its decisions, like any other central bank, can have a direct impact on the Forex market. 

The RBNZ’s decision is yet to be determined. However, many expect it to keep rates unchanged on Wednesday and to cut rates in October, although the actual central bank reflected that no rate cuts may be on the horizon this year. Only time will tell what decisions will be made.

Tech Giants Report Earnings

NVIDIA’s Earnings: How Is the AI Leader Performing?

After making multiple headlines this year and hitting notable milestones mainly driven by the rising artificial intelligence (AI) demand, NVIDIA’s earnings may, perhaps unsurprisingly, be one of this week’s most anticipated releases.

NVIDIA (NVDA), which has risen by more than 91% since the beginning of the year, is expected to report positive growth driven by the AI boom. According to analysts, the company is poised to report revenue and earnings growth. The chip giant’s revenue is projected to rise from $7.2 billion to $24.8 billion YoY while its EPS is expected to rise from $1.09 to $5.57.  Nonetheless, these are projections and whether or not the NVIDIA stock will adhere to them is still uncertain.

NVIDIA- graph May 20, 2024

To learn more about NVIDIA and its contributions to the AI field, read our article “NVIDIA & AI: NVIDIA’s Role in the AI Revolution.”

More Tech Earnings

Beyond NVIDIA, traders and analysts alike may be watching this week’s tech earnings from companies like Palo Alto (PANW) and Snowflake (SNOW) today, Monday, May 20 (after market close) and Wednesday, May 22, after market close respectively. 

Economic Data to Keep in Mind 

It may also be helpful to note that this week PMI releases from various economies are set to take place. Since PMI measures the manufacturing sector, it is often used by policymakers to decide on a country’s economic trajectory.

This week’s PMI reports are as follows:

  • US PMI on Thursday, May 23

  • Eurozone PMI on Thursday, May 23

  • UK PMI on Thursday, May 23

UK inflation data for April is also scheduled for release this week, on Wednesday, May 22 and ahead of the next Bank of England (BoE) meeting on June 20. How the data might affect the English central bank will be interesting to see.


The week of May 20, 2024, will offer many traders, investors, analysts, and decision-makers valuable information about the state of the economy and the financial markets. As such, keeping track of this week’s and other important news and events can be helpful to one’s overall trading and understanding of the economic landscape.

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