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Nvidia’s (NVDA) fiscal first quarter results on Wedneday offered investors the marquee earnings event of the week, while Walmart’s (WMT) report on Thursday morning provided insight into the state of the consumer.

Nvidia said it anticipates revenue between $89.1 billion and $92.8 billion in the second quarter, serving as a barometer of artificial intelligence trade. Nvidia’s report comes as the AI chipmaker faces increasing competition from rivals such as Cerebras (CBRS) and AMD (AMD), as well as its customers Amazon (AMZN) and Google (GOOG).

So far this earnings season, S&P 500 companies have impressed market watchers by printing profits, even amid ongoing risks from the Iran war, and the index is on track for double-digit earnings growth. Reports from semiconductor companies so far underscore that the artificial intelligence boom remains a key market driver.

Also reporting this week are a handful of retail companies, including The Home Depot (HD), TJX Companies (TJX), Lowe’s Companies (LOW), Target Corporation (TGT), and Walmart, which will provide insights on the state of the US consumer.

Walmart (WMT) stock fell 2% in premarket trading after reporting first quarter results that were in line with Wall Street’s expectations but a second quarter outlook that came in a bit light.

Yahoo Finance’s Brooke Dipalma reports on the quarter:

In the first quarter, the big box retailer posted same-store sales growth of 4.1% in the US, above the 3.85% growth Wall Street analysts expected, according to Bloomberg consensus estimates. Higher foot traffic, ticket sizes, and 26% growth in e-commerce sales drove results.

Revenue grew 7.3% to $177.8 billion, more than the $174.8 billion the Street anticipated. Walmart reported adjusted earnings of $0.66, in line with estimates. Both metrics were above the forecast Walmart shared in the prior quarter.

The company gained share across all categories again, including grocery, health and wellness, and merchandise and income cohorts, led by high-income shoppers.

Read more here.

Yahoo Finance’s Dan Howley reports:

Nvidia (NVDA) reported its fiscal first quarter results after the bell on Wednesday, topping analysts’ expectations on the top and bottom lines and offering a better-than-anticipated Q2 outlook.

Nvidia stock initially fell more than 2% on the news.

For the second quarter, Nvidia said it anticipates revenue between $89.1 billion and $92.8 billion. Wall Street was looking for $87.3 billion.

For Q1, Nvidia reported earnings per share (EPS) of $1.87 on revenue of $81.62 billion, beating the $1.77 and $79.18 analysts had expected. The company also boosted its quarterly dividend to $0.25 per share.

Read more here.

Cosmetics maker e.l.f. Beauty (ELF) in its Q1 earnings delivered an annual sales and profit below analysts' expectations. The company also said rising oil prices related to the US-Israel war with Iran could have an impact of $15 million to $20 million in fiscal year 2027, according to Reuters. CFO Mandy Fields said tariff refunds of approximately $58.5 million could help offset those costs.

E.l.f. Beauty stock fell as much as 5% in after-hours trading.

Reuters reports:

The company expects full-year net sales to be between $1.84 billion and $1.87 billion, with the midpoint below analysts' average estimate of $1.87 billion, according to data compiled by LSEG.

Annual adjusted profit is forecast at $3.27 to $3.32 per share, also below expectations of $3.61.

Elf, which offers about 75% of ‌its products at $10 or less, has ​benefited from demand among cost-conscious shoppers despite ​broader macroeconomic uncertainty.

Quarterly adjusted earnings ​per share came ‌in at 32 cents, beating an estimate of 29 cents.

Read more here.

Intuit (INTU) raised its annual revenue guidance and reported increased year-over-year revenue in its fiscal Q3 earnings report on Wednesday. The TurboTax parent also announced major organizational changes — including laying off 17% of its global staff, or about 3,000 jobs — as it shifts focus to AI-driven products and partnerships with companies like Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT).

Intuit stock tumbled 13% in after-hours trading.

Reuters reports:

The tax and accounting software provider said ‌it expects $300 million to $340 million ⁠in restructuring charges tied to the job cuts, to be recognized in the fourth quarter. It had about ⁠18,200 employees across seven countries as of July 31, 2025, according to its annual report.

Intuit now expects annual revenue between $21.34 billion and $21.37 billion, up ​from ​its previous projection of $21 billion to $21.19 ​billion.

It raised its annual adjusted ‌profit forecast to a range of $23.80 to $23.85 per share, up from $22.98 to $23.18 per share previously.

The recent tax season helped lift Intuit's February-April revenue 10% to $8.56 billion from a year earlier, though it fell short of analysts' average estimate of $8.61 billion, according to data compiled by LSEG.

Read more here.

Lowe's (LOW) stock fell on Wednesday after the home improvement retailer reaffirmed its cautious guidance as consumers still push off high-ticket renovation projects.

For the first quarter, adjusted earnings came in at $2.90, below the $2.96 the Street forecast, according to Bloomberg consensus data. That’s alongside revenue growth of about 10.5% to $23.1 billion, slightly above the expectations of $22.98 billion.

The company reaffirmed its 2026 outlook.

Same-store sales grew 0.6%, just below the 0.7% gain the Street was looking for, boosted by online sales, strength in appliances and home services, as well as pro.

Lowe’s CEO Marvin Ellison said the company continues to face a “challenging housing macro,” sending shares roughly 1% lower before the market open.

Ellison previously told Yahoo Finance that Lowe's is still seeing a "lock-in" effect, in which consumers are opting to renovate their homes rather than move. That led to high-single-digit sales growth for Lowe's home installation business.

It expects same-store sales growth to be flat to up 2% year over year in 2026. That was below the 2% growth the Street was looking for 2% growth prior to its fourth quarter results, according to Bloomberg consensus data.

In Target’s blowout first quarter, the retailer leaned into more upscale brands to cater to higher-income shoppers who may have turned to Walmart (WMT) in recent years, while also focusing on affordability.

“The thing that we see consumers responding to is when we get that combination of style, design, and value right, and especially responding to some of the newness that we're bringing in the assortment,” new CEO Michael Fiddelke said on a call with reporters.

Fiddelke’s focus on revamping its portfolio led to all of its core merchandising categories posting an increase in net sales.

During the quarter, the company added 1,500 new health and wellness items, 3,000 new food items, a new assortment in its baby aisle, expanded its trading card assortment, and increased toy offerings under $10 by 9%.

“We made investments in assortment, really thinking through expanding both low, low price points, starting at $1 all the way up to some of the new premium brands,” Chief Merchandising Officer Cara Sylvester said.

The changes come as economists frequently point to a K-shaped dynamic in the economy, where high-income households continue to spend and expand their wealth while low-income households struggle with affordability.

Target (TGT) stock rose 1.5% on Wednesday after surprising investors with strong quarterly results.

Yahoo Finance’s Brian Sozzi reports:

Somehow, Target defied US consumer trends in the first quarter.

Gas price spikes across the country have hammered shoppers’ wallets and driven inflation higher. Consumer sentiment has plunged, while interest rate cut expectations have dropped.

One would have thought Target — with its well-documented operating struggles in 2025 — would have reported a horrid first quarter.

Instead, it reported a $0.28 earnings beat on Wednesday. Sales increased in all merchandise departments, led by beauty, hardlines, and food. Store traffic increased.

The company even jacked up its full-year sales outlook and said it expects sales to increase in each quarter of the year.

“No doubt there's a lot to pay attention to there [with consumers], because the consumer's got headwinds and some tailwinds, and so we're paying a ton of attention to how consumers are finding value on our site and on our shelves, and some of the changes that we've made are with that in mind. Now, for us, it will always be about being sharp on price,” Target CEO Michael Fiddelke told Yahoo Finance.

Read more here.

Cava stock is up 6% in after-hours trading after the Mediterranean fast casual chain beat Wall Street’s expectations across the board.

In the quarter, same-store sales grew 9.7%, higher than the roughly 6% the Street forecast based on analysts surveyed by Bloomberg. The results were driven by a nearly 3% growth in prices and 7% increase in foot traffic.

“Amid today's broader macroeconomic environment and geopolitical uncertainty, our first quarter results reflect our position as a clear industry leader and our ability to meet the moment for the modern consumer,” Brett Schulman, co-founder and CEO, said.

The company also raised its outlook for the year. It now expects same-store sales to increase in the range of 4.5% to 6.5%, compared to 3.0% to 5.0% in the previous quarter.

Revenue grew 32% year over year to $438 million, including both its restaurant sales and dip sales, higher than the $418 million. Adjusted earnings also beat by $0.03, coming in at $0.20, compared to the $0.17 the Street forecast.

Investors’ initial reaction was optimistic after the stock sold off about 18% over the past month.

Citi analyst Jon Tower said in a note to clients that this “should be enough to reverse the recent sell-off.”

Home Depot (HD) reaffirmed its 2026 outlook as homeowners continued to invest in smaller, do-it-yourself type projects, despite a tough housing market backdrop, concerns about higher gas prices, and economic uncertainty.

“There's no question that the average consumer is feeling pressure from rising fuel costs,” CFO Richard McPhail told Yahoo Finance. “Our customer tends to have higher incomes and higher housing wealth, but they do tell us that they're feeling the impact of fuel costs.”

Similar to the past few years, small projects like paint or patio continue to be a “a real source of strength for us for the past few years,” he said.

However, “categories that are more associated with larger projects, like lumber, building materials, millwork, flooring, and lighting … customers continue to defer those larger projects as a result of the concerns they feel over economic uncertainty and general affordability.”

In the quarter, the company posted same-store sales growth of 0.6%, which slightly missed the Street’s outlook of 0.9%, per Bloomberg consensus data.

Revenue beat expectations, growing roughly 5% year over year to $41.8 billion, higher than the $41.6 billion the team posted this time last year. Adjusted earnings came in at $3.43, topping expectations of $3.41.

For 2026, the company expects same-store sales growth to be flat to up to 2%, alongside total sales growth of 2.5% to 4.5%.

McPhail said the team is watching to see how all the dynamics against the consumer play out.

“On the positive side, you have dynamics like the impact of tax refunds and continuing growth in income from a headwind perspective, low mortgage rates are higher than they were at the beginning of the year,” he said. “We know fuel costs are increasing, and so it's, it's a little too early to call a bias towards the lower or higher end environment guidance range.”

Although fewer companies are reporting earnings this week than in recent weeks, the days ahead will bring some of the most highly anticipated reports this quarter.

Nvidia (NVDA) will be in focus on Wednesday for the artificial intelligence trade, while Walmart (WMT) and Target (TGT) on Wednesday and Thursday will give investors a good look at consumer spending. Reports from home improvement retailers Lowe’s (LOW) and Home Depot (HD) will also provide insight into the housing market and spending on major purchases.

Here’s a look at the earnings calendar for the week:

Monday: Baidu (BIDU), Trip.com Group (TCOM), Ryanair Holdings (RYAAY)

Tuesday: The Home Depot, Keysight Technologies (KEYS), CAVA Group (CAVA)

Wednesday: Nvidia, Analog Devices (ADI), The TJX Companies (TJX), Lowe’s Companies, Intuit (INTU), Target Corporation, Williams-Sonoma (WSM)

Thursday: Walmart, Deere & Company (DE), NetEase (NTES), Ross Stores (ROST), Workday (WDAY), Zoom Communications (ZM), Ralph Lauren (RL), Deckers Outdoor Corporation (DECK), BJ’s Wholesale Club Holdings (BJ)

Friday: Booz Allen Hamilton (BAH)