Two themes critical to the U.S. stock market -- the artificial intelligence boom and inflation-pressured consumer spending -- will come under the microscope next week with earnings reports from semiconductor giant Nvidia and a host of retailers led by Walmart. Stock indexes have charged higher in recent weeks, with the benchmark S&P 500 and technology-heavy Nasdaq Composite near record levels. Two factors influencing market action in "almost parallel tracks" have been developments with AI and the spike in energy prices caused by the war in Iran, said Allen Bond, portfolio manager at Jensen Investment Management. "There is not a lot of overlap in the two narratives, but one day to the next, the developments ... can really drive the market," Bond said. Stocks pulled back on Friday, as rising crude prices stoked inflation fears that also drove bond yields sharply higher. Still, the S&P 500 has climbed nearly 17% since its low for the year in late March, and is now up more than 8% in 2026.