Nvidia's Jensen Huang and Fed's Powell May Shake Markets This Week

Suddenly and surprisingly, markets ended the past week with traders feeling uneasy.

There was a bit to feel uneasy about:

The mammoth rally in Nvidia (NVDA) shares seemed to stall just as $1,000 a share seemed a possibility.

The major stock-market averages fell back for a second week in a row. (The Dow Jones industrials fell for a third week.)

Oil prices climbed nearly 4% as worries grew about the brutality of wars in the Middle East and between Russia and Ukraine.

Interest rates were moving higher, dashing homebuyer hopes for a thaw in mortgage rates.

The pullback in markets surprised because stocks had enjoyed a huge rebound starting at the end of October.

The S&P 500 soared 26% to an all-time closing high of 5,175 on March 12. It's off 1.1% since. Markets do this regularly.

Bitcoin reminded investors that sentiment can change on a dime. After rising 7.2% from March 9 to $73,463 on March 13, the cryptocurrency fell 9% in less than three days to $66,916. It's still up 57% for the year.

There were reasons for the pullback besides stocks rising too far, too fast.

Inflation reports were stronger than expected in part because of rising oil prices. U.S. gasoline prices are up 11% so far this year. Gasoline prices typically rise in advance of the summer driving season.

How long all this investor unease will last may may depend on how investors react to two events this week:

Nvidia holds its annual developer conference starting Monday.

The Federal Reserve holds an important meeting on interest rates Tuesday and Wednesday.