BEA schedules July PCE, income and Q2 GDP estimates Wednesday

The macro side may be even more important, with inflation and interest rates likely determining whether stocks can regain their footing.

Wednesday brings July PCE inflation, personal income/spending and the second estimate of Q2 GDP, making the morning potentially one of the week's biggest market-moving periods; the BEA confirms both GDP and Personal Income & Outlays are scheduled for 8:30 a.m.

ET Wednesday.

The focus then shifts to the Jackson Hole Economic Symposium Thursday through Saturday, culminating in Fed Chair Kevin Warsh's keynote remarks Friday, where traders will look for clues about the Fed's inflation outlook and the path of interest rates.

With long-term Treasury yields already elevated, watch the 10-year yield closely: cooler PCE data and a relatively dovish Fed message could pull yields lower and provide a strong tailwind for tech and the broader market, while sticky inflation or hawkish commentary could push yields higher and create another round of pressure on equities.

In short, Nvidia + PCE + Jackson Hole are the three major catalysts that should determine whether last week's weakness becomes a deeper pullback or simply a pause in the broader rally.