Jobs report, Broadcom results pose next hurdles for stock market rally

As the U.S. stock market nears all-time highs, the coming week will bring fresh data on the labor market and quarterly earnings from Broadcom, a major semiconductor company. The S&P 500 has gained more than 12% so far in 2023, buoyed by strong corporate profits from the AI infrastructure boom. Nvidia's recent Q2 results, which forecast a 70% revenue increase for the next fiscal year, have provided a much-needed boost to market sentiment after a slowdown in August.

Investors are closely watching the upcoming U.S. employment report on September 4, as it could give clues about the Federal Reserve's upcoming interest rate decisions. The Fed has already started raising rates amid persistent above-target inflation, and a strong jobs report could help keep the central bank from hiking rates further.

Broadcom's quarterly earnings, like Nvidia's, will be closely scrutinized to gauge whether they can maintain the current momentum in the stock market.