Last week ended with Nvidia's fiscal second-quarter report. Revenue reached $96.2 billion, up 106% year over year, while the company guided fiscal third-quarter revenue to $108 billion, plus or minus 2%. On the earnings call, management said it expects revenue to grow approximately 70% in fiscal 2028, while describing that outlook as supply-constrained, a stated management expectation from the call rather than a reported growth rate or formal quarterly guidance. Fed Chair Kevin Warsh delivered his first Jackson Hole keynote on Friday, with markets interpreting the message as hawkish. The S&P 500 slipped 0.25% Friday but still finished the week up approximately 0.5% at 7,711.76.
This week centers on the August employment report, released Friday, September 4, on its normal first-Friday schedule and ahead of the Labor Day holiday on Monday, September 7. Before that, the data calendar is unusually full, with ISM Manufacturing PMI, July Construction Spending and July JOLTS on Tuesday; ADP Employment Change and the Fed's Beige Book on Wednesday; and ISM Services PMI on Thursday, alongside the July Trade Balance, Productivity and Costs, Challenger Job Cuts and remarks on the economic outlook from Fed Governor Christopher Waller. On the earnings side, Broadcom reports Wednesday after the close, facing a high bar after the stock fell 12.6% on June 4 when management maintained, rather than raised, its fiscal 2027 target of more than $100 billion in AI semiconductor revenue. NIO reports Q2 financial results Tuesday, with delivery volume already known. Thursday evening then brings UiPath and DocuSign in software, joined by consumer bellwether Lululemon, along with Zscaler, Ambarella, Samsara and Planet Labs.
NIO's Q2 delivery volume is already known. It came in at 107,658 vehicles, up 49.4% year over year but 2.1% below the low end of management's prior guidance, reported on July 1. The earnings report therefore shifts the focus to revenue conversion, vehicle and gross margins, operating expenses, the contribution of NIO, ONVO and FIREFLY, and management's Q3 delivery and profitability outlook.
Broadcom exceeded headline expectations but fell 12.6% after management maintained, rather than increased, its FY2027 target of more than $100 billion in AI semiconductor revenue. Q3 guidance calls for roughly $29.4 billion in total revenue, with management expecting approximately $16 billion of AI semiconductor revenue, an outlook rather than a result. The upcoming report will test whether actual AI revenue, bookings and forward guidance can clear the unusually high expectations embedded in the stock.
UiPath posted $28 million in GAAP operating income in Q1, which the company described as its first GAAP-profitable first quarter, with management citing agentic AI products moving from pilot to production. Whether that translates into accelerating net-new ARR, rather than just margin expansion on slowing growth, is the swing factor for the stock.
DocuSign's revenue and IAM adoption both moved the right way last quarter, yet the shares fell roughly 5% in the following session, driven mainly by a Q2 outlook of $865–869 million that gave the market little to re-rate on. The read-through is that investors want visible IAM-driven acceleration rather than steady growth with margin discipline, and IAM's rising share of ARR is the number that would show it.
Americas comparable sales and store traffic, international and China growth, the gross-margin pressure that cost 410 basis points year over year in Q1, inventory levels, and the updated full-year outlook are what carry this report. The June reaction came less from the headline numbers than from guidance and the Americas trend, so this is where the stock gets re-rated or does not.
After July payrolls declined by 23,000 and May and June were revised lower by a combined 103,000 jobs, Friday's August employment report carries additional weight ahead of the September 15–16 FOMC meeting.
The stock fell 12.6% on June 4 despite beating on AI revenue, because management held its more-than-$100 billion FY2027 AI target rather than raising it. Whether Broadcom clears the same bar Nvidia just cleared will set the tone for AI-chip names into September.
Q2 deliveries of 107,658 are already on the board, up 49.4% year over year but 2.1% below the 110,000–115,000 guidance range. Tuesday's question is how that volume converts into revenue and vehicle margin, and what management guides for Q3 against BYD, Xiaomi and Xpeng.
UiPath and DocuSign provide reads on enterprise automation, AI adoption and recurring revenue, while Lululemon offers a separate consumer and discretionary-spending signal. All three report Thursday evening, but they should not be presented as members of the same industry.
Both ISM Manufacturing (Tuesday) and ISM Services (Thursday) land this week, giving the fullest business-activity picture ahead of Friday's jobs number.
Because September 1 falls on a Tuesday this year, the jobs report lands on its normal first-Friday schedule, September 4, before the Labor Day holiday on Monday, September 7 rather than after it.
| Ticker | Company | When (ET) | Notes |
|---|---|---|---|
| SAIC | Science Applications International | Mon AM | Before the open. |
| NIO | NIO Inc. | Tue AM | Call 8:00 ET. See spotlight. |
| MDT | Medtronic | Tue AM | Before the open. |
| YEXT | Yext | Tue AM | Before the open. |
| PANW | Palo Alto Networks | Tue PM | After the close. |
| DELL | Dell Technologies | Tue PM | After the close. |
| MDB | MongoDB | Tue PM | After the close. |
| GTLB | GitLab | Tue PM | After the close. |
| CRDO | Credo Technology | Tue PM | After the close. |
| SPWH | Sportsman's Warehouse | Tue PM | After the close. |
| AVGO | Broadcom | Wed PM | Call 17:00 ET. See spotlight. |
| SNOW | Snowflake | Wed PM | After the close. |
| HPE | Hewlett Packard Enterprise | Wed PM | After the close. |
| NTAP | NetApp | Wed PM | After the close. |
| FIVE | Five Below | Wed PM | After the close. |
| PVH | PVH Corp | Wed PM | After the close. |
| CIEN | Ciena Corporation | Thu AM | Before the open. |
| CPB | Campbell's Company | Thu AM | Before the open. |
| TTC | Toro Company | Thu AM | Before the open. |
| PATH | UiPath | Thu PM | See spotlight. |
| DOCU | DocuSign | Thu PM | See spotlight. |
| LULU | Lululemon | Thu PM | Consumer, not software. See spotlight. |
| ZS | Zscaler | Thu PM | After the close. |
| AMBA | Ambarella | Thu PM | After the close. |
| IOT | Samsara | Thu PM | After the close. |
| PL | Planet Labs | Thu PM | Call 17:00 ET (14:00 PT). |