This week, the world's eyes will be on chip giant NVIDIA. The company has driven the stock market up strongly this year, and investors are looking forward to the company's upcoming earnings report to see if it can continue this extraordinary performance, especially after the recent sharp climb in its share price.

NVIDIA's performance this year has been impressive, with its shares soaring more than 150% since the beginning of the year. Analysts are predicting that NVIDIA will deliver another strong quarterly report, especially given that the latest comments from hyperscale customers as well as results from supply chain partners are pointing to continued strength in the building of artificial intelligence infrastructure.

However, it's not just NVIDIA that's being closely watched by the market this week; key companies such as Salesforce, BHP Billiton Group, Dell Technologies, CrowdStrike, Autodesk, and Lululemon are also expected to report earnings, providing market insights across a variety of industries.

Additionally, investors are closely watching the upcoming release of important economic data to assess the Federal Reserve's (Fed) next move. Preliminary estimates indicate that the U.S. economy grew at an annualized rate of 2.8% in the second quarter, which is significantly higher than the 1.4% growth rate in the first quarter, and well ahead of initial expectations. A second estimate of Q2 GDP growth will be released this week.

The core Personal Consumption Expenditures (PCE) price index, the Fed's favored inflation gauge, rose 0.2% in June from a year earlier and 2.6% from a year earlier. July data will be released this week. Markets are already expecting the Fed to cut interest rates at its September meeting, with most expecting a 25 basis point cut, but there is still debate about the need for a deeper 50 basis point cut.Further clues will be provided by July's data on personal income and spending, which rose by 0.2% in June, while spending rose by 0.3%.

Other important data to watch include July durable goods orders, which the market expects to rise 4% from a year earlier, following a 6.6% decline in June; and the Conference Board Consumer Confidence index for August.

To summarize, NVIDIA's earnings results could further reinforce market optimism, or could trigger fresh caution if the company fails to meet high expectations. Meanwhile, possible Fed rate cuts are also in the market's spotlight, and investors are looking for any signs of possible aggressive action by the central bank in terms of policy easing.