Jobs data and Broadcom earnings could test stock market rally

U.S. stocks were nearing record highs Friday after a strong Nvidia earnings report lifted investor sentiment. The S&P 500 was on track for a weekly gain and stood within 1% of its Aug. 13 record, while the index was up about 13% for the year.

Investors are watching the Sept. 4 jobs report for clues about the Federal Reserve’s interest-rate plans. A stronger labor market and rising wages could increase expectations for a rate hike, which would raise borrowing costs for consumers and companies. Broadcom’s quarterly results, along with economic reports on manufacturing and services, are also due next week.

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