“Nvidia will beat consensus expectations, it always does, but investors are expecting revenue to be more than $2 billion (NZ$3.21 billion) above the analyst consensus. If not, the news could well lead to selling,” said Chris Weston, head of research at brokerage Pepperstone.
That means Nvidia would need to report revenue of more than $30 billion and forecast third-quarter revenue of more than $33 billion, he added.
Early Monday morning, S&P 500 futures and Nasdaq futures were down 0.1%.
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MSCI's broadest index of Asia-Pacific shares ex-Japan rose 0.4% after rising 1.1% last week, with South Korea adding 0.3%.
Japan's Nikkei stock average fell 0.7 percent as a stronger yen pressured export shares.
The yen surged on Friday after the dollar weakened after Federal Reserve Chairman Jerome Powell said it was time to start easing monetary policy and stressed that he did not want to allow the labor market to weaken further.
Jerome Powell said it's time to start easing policy. Photographer/Al Drago, Bloomberg via Getty Images
“What's significant is the notable absence of the 'gradual/gradualism' and other caveats used by other Fed officials,” said Tapas Strickland, head of market economics at NAB.
“The Sept. 6 jobs report is clearly important as Chairman Powell is open to cutting rates to head off downside risks to employment and keep the labor market strong,” he added.
“In short, Powell has increased the likelihood of a soft landing.”
US consumer spending and core inflation figures are due to be released on Friday, along with a flash inflation report from the European Union.
Analysts generally assume the data will be good enough to allow for a rate cut in September.
Federal funds futures are fully pricing in a quarter-point cut at the Sept. 18 meeting, implying a 36% chance of a larger, 50-basis-point cut.
The market is pricing in 103 basis points of easing this year and a further 122 basis points in 2025.
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“We continue to expect the FOMC to deliver three consecutive 25 basis point rate cuts at its September, November and December meetings,” Goldman Sachs analysts said.
“Our forecast is based on the assumption that August's employment report will be stronger than July's, but we continue to believe that a 50 basis point cut is likely if August's report is weaker than expected.”
Markets are also fully pricing in a quarter-point rate cut from the European Central Bank next month, for a total of 163 basis points of easing by the end of 2025.
The yield on the two-year Treasury note fell nearly 10 basis points on Friday to 3.91%, while the yield on the 10-year note remained at 3.79%.
The dollar weakened another 0.3% to 143.97 yen after losing 1.3% on Friday. The euro rose to $1.1190, down slightly from a 13-month high, while the Swiss franc held firm at 0.8472 francs per dollar.
Gold prices held at $2,516 an ounce, close to a record high of $2,531.60 (A$3,724.58), thanks to a weaker dollar and falling bond yields.
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-Reuters reporter Wayne Cole
