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The weekly unemployment claims to be announced on Thursday, along with the May manufacturing and services PMI data and April's existing home sales, will shed light on the current state of economic activity and the labor market. On Friday, April's new home sales will be followed. A slowdown that could be seen particularly in the PMI data may be perceived as a signal of cooling in the economy, increasing expectations that the Fed may adopt a more dovish stance, thereby supporting technology stocks. However, if the data comes in much weaker than expected, recession fears could rise, putting pressure on the index. Overall, while the data is expected to provide clues about the Fed's future monetary policy steps, changes in interest rate expectations will be decisive for the Nasdaq's direction. The NVIDIA earnings report to be announced on May 28 holds great significance for index pricing.