The S&P 500 ended lower Monday, following a modest weekly gain post-Fed Chair Jerome Powell’s Jackson Hole speech. A Big Tech test looms this week, with Nvidia’s earnings crucial after outsize S&P 500 weighting. Nvidia led the SPDR S&P 500 ETF Trust with a 7.9% weight. Shares rose 1% Monday, but fell 1.4% last week.

Nvidia, a key Big Tech stock, finished Monday with a 1% gain after a 1.4% fall last week. Big Tech stocks wrestled last week but rebounded post-Powell’s Jackson Hole speech hinting at a Fed rate cut in September. The Roundhill Magnificent Seven ETF saw a 2.5% rally Friday but ended the week with a 1.1% loss.

Nvidia’s earnings will be closely watched this week, with technical analysis pointing to key levels to watch. The Roundhill Magnificent Seven ETF, holding Big Tech stocks, closed 0.5% higher Monday. U.S. equity markets tend to rally after a Fed chair’s Jackson Hole speech, as seen in the 1.5% climb on Friday.

The U.S. stock market ended lower Monday amid a light U.S. economic calendar. The S&P 500 shed 0.4%, the Dow Jones fell 0.8%, and the Nasdaq retreated 0.2%. Big Tech’s influence on the market is rising, with Nvidia, Microsoft, and Apple representing 21% of the S&P 500 index.

Nvidia’s stock has surged almost 34% in 2025, outpacing the S&P 500’s 9.5% rise. With 80% of S&P 500 companies beating Q2 earnings expectations, Nvidia’s upcoming report carries weight. Nvidia will be the last of the Magnificent Seven to report results, as expectations rise but comparisons become tougher.

Read more at Yahoo Finance: Stock market braces for Nvidia earnings as S&P 500 struggles to extend Jackson Hole rally