Next week on the stock market

Turbulent times for easyJet

Last month, easyJet braced investors that next week’s first-half results would see underlying pre-tax losses widen to between £540-560mn. This comes as higher fuel costs in the wake of the Middle East crisis were already weighing on profitability, and the impact was much worse than markets were expecting at the time.

With that news already digested by markets, the outlook for the second half is what we’ll be focusing most on. As of mid-April, bookings for the second half were only two percentage points below last year’s level. But with everyday cost pressures already rising for consumers, we expect the demand picture to have deteriorated. And with energy markets likely to be disrupted for the foreseeable future, we’re mindful of the outlook for fuel prices in the second half.

Vera Rubin roadmap in focus for Nvidia

Nvidia heads into next week’s results with expectations already running hot. Analyst consensus has moved up towards the top end of guidance ($79.6bn). But as is often the case with Nvidia, the market will likely be looking for more than just a clean beat. The scale of any upside surprise will matter, and we’re expecting something closer to $81.4bn.

The company has already given a broad steer for calendar 2026 revenue, so attention is likely to shift quickly to any colour on 2027, where investors are starting to think harder about the pace of growth beyond the current buildout. Commentary on the Vera Rubin roadmap will also be closely watched, with recent rumours pointing to a potential one-month delay. In isolation, that would be relatively small, but investors will not want to see anything that suggests a more material pushback for Nvidia’s next major product cycle.

The author holds shares in Nvidia.

Marks & Spencer’s full-year profits set to dip due to cyber attack

Marks & Spencer’s Food business looks to have enjoyed strong momentum in the run-up to the end of the calendar year. Since then, industry data shows that its grocery sales were up 7.0% in the 12 weeks to 22 February, which is almost twice as fast as the broader market, albeit from a relatively small base compared to peers. Meanwhile, its half-owned venture, Ocado Retail, remained the fastest-growing retailer in the market, with sales growing 15.1% thanks to strong customer growth.

Elsewhere in the business, the group had been expecting operations in its Fashion, Home & Beauty business to return to normal by March 2026, following a cyberattack the prior year. We’re keen to hear whether that timetable’s been stuck to, and how much of a financial impact it's had. Markets are currently expecting full-year operating profits to fall around 23% to £755mn.