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Nvidia will be key to market's direction as Wall Street heads into the summer with May jobs report on deck

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Observers are concerned investors are growing complacent as stocks continue to ride an AI-fueled rally.

Nvidia is the key to how stocks will perform in the next few months as investors head into a seasonally weak period for markets, with the macroeconomic picture once again a center of attention. The May jobs report is on deck next week. Stocks in May are on pace to cap a winning month after a strong earnings season and signs of easing inflation buoyed investor optimism.

Job Openings Earnings: Hewlett Packard Enterprise , Bath & Body Works Wednesday June 5 9:45 a.m. PMI Composite final 9:45 a.m. Markit PMI Services final 10 a.m. ISM Services PMI Earnings: Campbell Soup , Dollar Tree Thursday June 6 8:30 a.m. Continuing Jobless Claims 8:30 a.m. Initial Claims 8:30 a.m. Unit Labor Costs final 8:30 a.m. Productivity final 8:30 a.m. Trade Balance Earnings: J.M. Smucker Co. Friday June 7 8:30 a.m. May Jobs report 10 a.m. Wholesale Inventories final 12 p.m.

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