While not committing to action, Fed Chair Powell signaled a shift in monetary policy. Nvidia’s earnings release on Wednesday evening will be the crucial data of the week.

Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.

Brian Mulberry, senior portfolio manager at Zacks Investment Management, noted that Powell’s stance seemed more aligned with that of Fed Governor Christopher Waller, who dissented from the Federal Open Market Committee's “wait-and-see” approach to holding rates steady last month.